Conveyance deed which is transferred by a developer to the home buyers has to be executed within three months of the project receiving OC.
By Varun Singh
It is mandatory on a builder to execute the registered conveyance deed within three months from the date of receipt of the occupancy certificate.
MahaRERA, recently came out with a circular that has notified and made it mandatory for a developer to submit up to date status report regarding execution of registered conveyance deed.
According to section 17 of the Rera act as well as sub-rule two of rule nine of the rules of Rera at a developer has to execute registered convince deed in respect of the real estate project within a period of three months from the date of issue of the occupancy certificate.
Agreement for sale executed between promoters (builders) and allottees (home buyers) post me, 2017, shall be governed by the rules of Rera act.
The MahaRERA, has also notified that the registered conveyance deed in respect of real estate projects that are registered with the authority should be executed within three months from the date of issue of occupancy certificate.
The circular issued by MahaRERA states that a builder will have to submit quarterly up to date status report regarding steps initiated by him for execution of the registered conveyance deed such up-to-date status first shall be submitted along with the quarterly up-to-date status of the project that the promoter shall be submitting immediately after application for obtaining occupancy certificate is submitted to the competent authority.
The builder will also execute the registered conveyance deed as per mandate of section 17 of the Rera act within three months from the date of receipt of the occupancy certificate.
The authority also states that failure on the part of the builder to submit quarterly up-to-date status report as well as non-execution of the registered conveyance deed shall be considered as violation of the provisions of the act and action shall be taken against such developers.
So next time, if the developer is not giving you the conveyance deed then show them this.
This would solve various problems that a society faces, in absence of the conveyance deed.