Chandigarh co-op housing: Jan 31 new deadline for registration of conveyance deed
In a major relief to more than 10,000 families living in 108 cooperative housing societies in Sectors 48 to 51, the UT administration has given an additional month to get conveyance deed registered in their names.
The administration on Tuesday notified extension in the last date for getting conveyance deed to January 31, 2020, under the “Chandigarh Scheme for Transfer of Flats/Dwelling Unit in the Co-operative House Building Societies, 2018”.
The flats, all leasehold properties, were constructed on Chandigarh Housing Board (CHB) land. The administration had put the transfer of flats of societies on hold in January 2014, a decision that had denied more than 60% of the flats to carry out the process. Under the 2018 policy, the charges for both ownership of flats through the registry and charges for “unearned increase” has also been specified (see box).
Originally, the new scheme was operational till June 30, 2019. But thereafter, an extension of another six months was given. Now, after the fresh deadline lapses, occupants will have to pay more to get the property transferred in their name. The additional charges include ‘unearned increase’ and stamp duty applicable as per rules will be payable by occupants/transferee.
CHANGE OF SCHEME
The ownership of the land always lies with the housing building societies and the societies only transfer the share to the members/new members of the society provided the new members fulfils the prescribed conditions for being eligible for membership of the housing society.
Accordingly, the department of cooperation issued notification dated March 2, 2009, for transfer of shares after charging transfer fees but at that time, option to execute the conveyance deed by charging unearned increases of approximate ₹2.1 lakh to ₹ 5.2 lakh in different categories of flats were considered but not notified. Therefore, the occupants used to get the transfer of shares after paying the transfer charges as mentioned in the notification of 2009 and, effectively, the change of ownership has been taking place in such cases.
Under the 2018 scheme, the CHB shall execute the deed of conveyance or lease deed, as the case may be, in the favour of house building societies, on payment of the prescribed stamp duty on actual amount paid to the CHB/administration as consideration.
In cases where the conveyance deed or lease deed is not executed till January 31, 2020, the said deed will get executed and registered at the prevailing market rate and not on the actual amount paid to the administration.