Residential complex built on midc land

Property you have mentioned comes under Maharashtra Industrial Developmen Corporation . It is governed by Maharashtra Industrial Development Act 1961 . You have to see only this as main act.

1) MIDC under Disposal of Land rules under above said act to whom the land is granted and what terms and conditions this is most Important thing.

2) MIDC generally grants land on Lease mostly for Industrial complex (But to help people reside near industries certain plot they also allot for residential purpose) . You need to check for what terms and condition this plot is alloted

3) A deed of conveyance is a signed legal document that shows a title or deed has been transferred.   

4) Since MIDC is giving plot on Lease it will not transfer the titile of land to society. Co-operative society will be Lease and flat holders will be member of society

5) This Lease issue is complicated one , After 99 years what will happen depends upon the act which governs when lease period is over. But Lessee is bound to follow all terms and conditions mentioned in Lease Deed else due to violation Lessor (MIDC) can take land back any time

6) So most imp. thing is to examine the Lease deed 

7) Then Building Plan Sanctioned under Maharashtra Regional Town Planning Act

8) After that only comments can be passed