Cooperative Housing society is on 98 years leased land. Property is going for redevelopment. Can conveyance deed be done with the developer.? Builder is going to give freehold ownership flats to tenants. Builder is asking us, who are the landowners, to do a conveyance deed with the society. This we do not want to do as society has no money. Can conveyance deed be done with the developer rather than the society ?
In your case the cooperative housing society is the lessee. There is a ninety eight years lease in favour of the cooperative housing society. Hence, the promoter shall make conveyance deeds with the cooperative housing society.
This project is not covered under the provision of Maha RERA (Maharashtra RERA). Therefore, section 17 of the Real Estate (Regulation and Development) Act, 2016 shall not apply in this case. According to section 17 the promoter shall complete the conveyance deed with the buyer within ninety days from the obtaining of completion certificate. The builder is bound to give possession after obtaining a completion certificate.
