Conveyance deed

Querist : Anonymous (Querist) 18 January 2012 This query is : Resolved
A building was constructed 20 years ago with two wings - A wing with 7 storey buildnga and B wing with 5 storey building. Later, the cooperative housing society was formed in the year 1996 and share certificates were issued to the flat owners. In fact, the land on which the said building is constructed is in name of the Builder. He has not yet executed the conveyance deed of the land in favour of the Society. Even, this is not the legal building from the perspective of Municipality.

I would like to raise the following queries.

1. Whether these Share Certificates issued to the Flat Owners are valid since the said property (Land) is still in the name of Builder.

2. If not, then, how these share certificates were issued.

Sir, I would be grateful for your response.

Follow Query

Report Abuse

ajay sethi (Expert) 18 January 2012
since cooperative society has been formed for 2 wings the society can issue share certificates . the share certiifcates are valid.

Deepak Nair (Expert) 18 January 2012
Dear Mr.Sethi,
then what about the issue of land which is still in the name of the builder??
How can the society issue certificate if the land is in the name of the builder and not the society??
Can the society issue the shares only on building and not land??

Raj Kumar Makkad (Expert) 18 January 2012
Deepak! The builder has to transfer the ownership of the land in favour of the society sooner or later.

There is no harm to issue share certificates by society in favour its members accordingly even in advance.

Deepak Nair (Expert) 19 January 2012
Dear Rajkumar Sir,
Thanks a lot for this clarification.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries