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Jagdish   03 April 2024

Housing society flat share certificate

Hi,

We have a society formed since 2 years now, but the Share Certificate has not been allotted.

Our Society Committee is divided into two on this,

1> As the Conveyance Deed is not yet done by the builder, Share Certificates will make us owners of the flat only and not the land.

2> Share Certificates can be allotted to the flat owners right away as it has nothing to do with Conveyance Deed and the land on which our society buildings stand.

There is a lot of ambiguity leading to a divide in the society committee and residents as well.

Requesting for some help here in this case.

Thanks & Regards,

Jagdish



Learning

 6 Replies

T. Kalaiselvan, Advocate (Advocate)     03 April 2024

You can demand to conduct an EGM with this issue as agenda and discuss the subject matter in the meeting, pass a resolution on majority for the decision taken. 

1 Like

Dr. J C Vashista (Advocate )     04 April 2024

Whether the Society is registered or unregistered ?

As the law / rules differ in both cases, what type of Society has been formed i.e., whether it is governed by State Cooperative Societies Act or  Societies Registration Act, 1860  

1 Like

Jagdish   05 April 2024

The builder wanted to form a condonium and he had mentiond the same in our sale deeds. Most of us were new to the concept of condonium/ society. Once residents took over possession of flats, they opposed formation of a condonium and a case was registered in District Court to lift the condonium and form a society. After few years a Society had been registered in year 2017. But only some of the residents were aware and daily operations were still running under Welfare committee's name. The DDR appointed an administrative committee who ran the society operations for 8 to 9 months and then conducted elections in the society. A society panel of 13 members was elected by the residents of the society who have been running society operations for past one year now. The conveyance deed has not yet been done by the builder and we residents are supposed to get it done through legal process which we are been told may take another 18 months or more. So can the society issue a share certificate right away ? And if Yes, this share certificate will make the residents have share only in the building and not in the land ? 

T. Kalaiselvan, Advocate (Advocate)     06 April 2024

Until and unless the builder is executing a registered conveyance deed in favour of the society, the society may not be able to issue share certificate to the members particularly about the share in the land beneath, though the registered sale deed of each buyer will clearly indicate the share of each individual in the land in the schedule of property.

Your society can issue a legal notice to the builder to execute the conveyance deed within a time period as stipulated in the legal notice after which if the builder is not responding then he can be dragged to court of law with a suit for specific relief and costs.

1 Like

Dr. J C Vashista (Advocate )     07 April 2024

File a suit for mandatory and permanent injunction against the builder for exectuion of conveyance deed through a local prudent lawyer. 

1 Like

Jagdish   09 April 2024

Hi,

PFA.

- Jagdish


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