On the basis on land FSI buildings are built. So there is empty space for ground, parking, garden, club house, gym etc. All the common area and space belongs to each flat holders according to respective flat sq ft area.
The conveyance deed is good procedure in the point of association. Because the land must be in the name of builder or developer as today as well on the mutation papers.
So to transfer title of Ownership of land association should perform conveyance deed first.
Later you can calculate the open space and flats FSI you will get the figures correctly. Because in past at that 0.75 FSI were sanctioned by Municipal Corporation. That's why you have found that much empty space.
Kindly check layout passed by BBMP against your land.