Pune: The title transfer process (Conveyance Deed) for approximately 9,600 housing societies in Pune and Pimpri-Chinchwad remains incomplete, leaving the land ownership with developers. Despite homeowners taking loans for their properties, the legal ownership still lies with the developers.
According to the Housing Society Act, developers are required to form cooperative societies and hand them over to apartment owners. However, many developers have retained land ownership by not completing the conveyance deed.
Until this deed is executed, the developer remains the legal owner, appearing in land records and municipal property cards. This allows developers to make changes to the property at their convenience, posing risks to the residents, stated Sanjay Raut, District Deputy Registrar (Cooperative Societies).
Raut emphasized that societies must take the initiative to secure their land ownership by obtaining the conveyance deed. If developers fail to do so, societies can obtain deemed conveyance, granting them legal ownership without the developer’s consent, as per the District Deputy Registrar’s order.
Disadvantages of Not Having a Conveyance Deed:
Land remains under the developer's ownership.
Developers can make changes without society’s consent.
Societies face difficulties in redevelopment.
Societies cannot obtain bank loans for redevelopment.
Flats cannot be reclaimed if the building is destroyed.
Advantages of Having a Conveyance Deed:
Societies gain legal ownership of the land.
Societies can acquire municipal property cards in their name.
Redevelopment obstacles are removed.
Societies can obtain bank loans for redevelopment.
Current Situation in Pune and Pimpri-Chinchwad:
Total housing societies: 20,950
Number of apartments: 15,000
Societies with conveyance deeds by developers: 3,700
MHADA housing societies: 750
Societies with deemed conveyance: 7,000
Societies without conveyance deeds: 9,600
Only about 3,700 societies in Pune and Pimpri-Chinchwad have conveyance deeds executed by developers. Approximately 7,000 societies have obtained deemed conveyance. Around 750 societies are under MHADA and do not require conveyance deeds. The remaining 9,600 societies need to urgently secure deemed conveyance to avoid losing legal ownership of their land, according to Sanjay Raut, District Deputy Registrar (Cooperative Societies) Housing Society Department.