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Krishna   22 October 2022

Property car

I HAVE PURCHASE A BUNGLOW IN CO-OPERATIVE HOUSING SOCIETY. NO SALE DEED WAS DONE AT THAT TIME. SOCIETY HAS ISSUED THE SHARE CERTIFICATE IN MY NAME. NOW GOVERNMENT HAS DECIDED TO MAKE PROPERTY CARD IN OUR AREA. SOCIETY HAS MADE DEVELOPMENT AGREEMENT WITH THE BUILDER. BUILDER HAS NOT GIVEN THE ALLOTMENT LETTER TO ME. I HAVE APPLIED FOR BANK LOAN BUT NOT TAKEN LOAN. BUT THAT TIME BANK HAS GIVEN ME THE OFFER LETTER WHICH MENTIONS THE ALLOTMENT OF LAND AREA AND CONSTRUCTION AREA. CAN WITH HELP OF THIS BANK OFFER LETTER MY NAME IN THE PROPERTY CARD WILL BE ENTERED?



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 5 Replies

Dr J C Vashista (Advocate)     23 October 2022

How can you prove/ establish the fact of purchase of bunglow in a Cooperative Society without execution of a sale deed ? 

Vague and confusing facts can not lead to for proper opinion and oblige.

Redraft

it would be better to consult a local prudent lawyer for appreciation of facts / documents. professional advise and necessary proceedings.

Krishna   23 October 2022

share certificate is issued by society

P. Venu (Advocate)     23 October 2022

No definite suggestion is possible unless the documents are seen and perused.

Dr J C Vashista (Advocate)     24 October 2022

Share certificate issued by Society and title of property are two different connotations / subjects governed by different laws.

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     27 October 2022

In which State is the co-operative socety? Is it a premises type cooperative society or building type co-operative society? In a premses type co-operative the land as a whole belongs to the society and members construct their own house on the plot alloted to them. In a building type co-operative society both land and building belongs to co-operative society. In a building type co-operative society if the property was in Mumbai and it was transferred before 1980 transfer would involve transfer of shares only and there was no stamp duty  In 1980 the Bombay stamp act 1948 was amended and tenancy right also became an immovable property subject to stamp duty. Property card in Mumbai is for the owner of the permanent element in the property, which is the land on which the property is situated. To the best of my knowledge, property card will be issued to the co-operative society and not to individual members.

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