22 April 2019
I bought a flat in a cooperative housing society from existing member of this society. I paid stamp duty but could not register the agreement because the seller and the family migrated out of India. I submitted the documents for transfer to the secretary of the society but he refused to accept the documents because the agreement is not registered. I told him that in case of resale of flats in a registered cooperative housing society no registration is compulsory as per section 41 of the Maharashtra Coop Societies Act 1960. I also showed him the query made in Lawyersclubindia and reply to this query by an expert lawyer which is as follows: Section 41 of the Maharashtra Cop Societies Act which specifically provides for exemption from compulsory registration of an instrument relating to shares and debentures of the society. Nothing in clause (b) and (c) of sub section (1), of section 17 of the Indian Registration Act 1908, shall apply to any instrument relating to shares in a society, notwithstanding that the assets of the society consist in whole or in part of immovable property. Therefore under the said section it is specifically mentioned that such an Agreement does not require registration. In fact it has been held by Bombay High Court in its judgement in Usha Dongre vs Suresh Kotwal reported in 1990 Maharashtra Law Journal 306 that such an Agreement does not require Registration.Therefore, such an Agreement is not required registration with the Sub-Registrar of Assurances. Therefore considering the above do I need to register my Agreement for transfer of flat?
23 April 2019
Shares and debentures may not be registered, whereas your query pertain to "Sale Deed/ Agreement", isn't it? Even "agreement to sell" is may not be registered compulsorily. However, "Sale Deed" must be registered. Consult a local prudent lawyer for better appreciation of facts/ documents, guidance and proper proceeding.
23 April 2019
Dear queriest, Maharashtra Coop. Socty Act, Sec.41: exemption from compulsory registration of an instrument relating to shares and debentures of the society but not on conveyance of property. so in my view it shall be registered as said by the Secretary of the society.