Pls elaborate on the Obligations of Developer for conveyance and/or for making new buyers the member of old member society in the Redevelopment project of Old building(Old Mhada bldg). Sale agreement says that as old society is owner of the old building, project land and shall be owner of new project (Mhada land may be on 90 yrs lease by societ, it it sufficient??), no conveyance is required and upon fulfillment of all T&Cs purchaser will be made member of existing society. My concern is How am I protected of my rights to be member of old/existing society and indemnity from any disputes between promoter&old society, other liabilities from old society/promoters agreement lacuna/pending issues. What should be checked in Sale agreement in these regards?
90 years lease is sufficient
2) however always better to buy flat wherein free hold land is conveyed to society
3) you can be admitted member by society and share certificate issued on basis of sale deed executed by builder
4) check development agreement executed between builder and society
5) building sanctioned plans and OC issued by BMC
You will be totally protected once you become a member. The old society dissoves and a new society is formed. You will get all the rights like a member of the society
if as per the terms of the agreement between the developer and the society then new buyer become member of old society.
conveyance include society registration certificate, O.C. builder has to give while transferring the ownership which a housing society building exists in favour of the society..
You should get NOC from previous seller or developer which is issued by old society that the flat which you are purchasing have no dues towards society or taxes.
And after purchasing of flat the share certificate of the flat will be issued to new buyer.
You should remember the fact that upon redevelopment the old society do not lose its entity or it cannot be considered as a non existent thing so that a new society will be formed in its place.
In fact there is no question of old society, there is only one society which was existing before the redevelopment and it will remain after redevelopment also.
About the pending litigation and other issues you may have to clarify from the local sources only.
You can always obtain a legal opinion before buying the property.
