Is conveyance deed a failure?
In 2008, conveyance deed was first introduced in the real estate market to protect the interest of home buyers. But this year, hardly 1,200 housing societies have applied for conveyance certificate out of 88,000 and only 700 of them got the deed.
The Chief Minister Prithviraj Chavan in a recent meeting said that a statewide drive will be done across the housing societies and the state government is going to take strict action against the faulty developers if they do not convey the land within the time period.
The conveyance deed is an agreemnt which has the details of the ownership from the previous to the recent owner and the agreement is necessary for the builder of the project to convey the land to housing societies within four months of the society’s formation. However, they have not yet decided what action to be taken against the builder.
Agreement, Builder, Chief minister, conveyance deed, Developers, Flat buyers, flat buyers in Mumbai, home buyers, housing societies, Housing Societies in Mumbai, Ownership, Prithviraj Chavan, Real Estate Developers, State government
