Agreement

Even others have not objected you should ask to remove the leashold word.

Alternatively mention that whole proptery will be transfered to co op society and give its schedule.

I told the builder to remove the word "lease" He told me "conveyance" is also there with " / " leasehold and it should not be a problem. According to me he will not remove lease word. What the options? It is not a lease agreement and it only a sale agreement. Later after completion of the project if he wants to lease then he has to sigh lease agreement and society also has to sign lease agreement. When conveyance and lease options are there in the agreement why the society will sign lease agreement? I cannot fight with the builder because others are ready to buy if I am not interested. The property is good and builder is also reputed. Construction is excellent. Please advise.

It cannot be on leasehold basis.  Ownershp must get conveyed either in faovur of individual purchaers or in favour of a co-op housing society.  

I told the builder to remove the word "lease" He told me "conveyance" is also there with " / " leasehold and it should not be a problem. According to me he will not remove lease word. What the options? It is not a lease agreement and it only a sale agreement. Later after completion of the project if he wants to lease then he has to sigh lease agreement and society also has to sign lease agreement. When conveyance and lease options are there in the agreement why the society will sign lease agreement? I cannot fight with the builder because others are ready to buy if I am not interested. The property is good and builder is also reputed. Construction is excellent. Please advise.

Then go ahead.  In case of any problems, you will fall in suit with others.  Is a society already formed and registered?  If yes, I do not think there could be any problem.  Owner/Builder has to transfer the land with building in favour of such registered Society by way of sale on ownership basis and not on leasehold basis.

Society is not yet formed. The construction is still going on. After completion of the project society will be formed. 

Mr. rao has rightly advised "In case of any problems, you will fall in suit with others."

It shall be appropriate to record your reservations, contentions in writing under acknowledgment, and declare that "Owner/Builder has to transfer the land with building in favour of such registered Society by way of sale on ownership basis and not on leasehold basis." and seek explanation.

Alternatively you may approach a local lawyer expereinced in such mattrers and obtain a carefully drafted/structured letter to suit you, and submit under acknowledgment.

if you sense any trouble stay away from this property and put your money elsewhere.

In one website I found that " It is mandatory for the developer to convey the land in question in the society’s favor/ owner’s association within a specific time period from project completion date (the time period is generally four months).

Is it true? If it is true then what is the importanc of word "lease" in the agrmment?