No satisfactory response for government initiative to provide deemed conveyance
Deemed Conveyance Now Fully Online for Housing Societies, 70,000 eligible societies stand to benefit in MaharashtraÂ
By: Pune Pulse
December 11, 2023
Pune: From May to October this year, the government’s initiative to simplify the redevelopment process for housing societies by granting deemed conveyance within a month to those opting for self-redevelopment did not receive any interest in Mumbai and Pune.
A deemed conveyance is an official document that facilitates the transfer of land ownership from a developer to a co-operative housing society, enabling the society to proceed with the development of the property.
According to the policy announced on May 31, a housing society must pass a resolution to undertake self-redevelopment before applying for deemed conveyance. Under the new policy, the conveyance deed will now be granted within a month, instead of the previous six-month deadline.
However, information obtained through the Right to Information (RTI) Act reveals that between May and October, a total of 716 applications for deemed conveyance were submitted in Mumbai and Pune.
Surprisingly, none of the housing societies chose the self-redevelopment route. Out of the 716 applications filed at the deputy registrar’s offices, 364 were from Mumbai and its suburbs, while the remaining applications were from Pune city and rural areas.
As per the information received, the data unequivocally demonstrates the challenges associated with self-redevelopment. It is worth noting that the Mumbai District Cooperative Bank is the sole financial institution currently offering loans for self-redevelopment. Their lending capacity extends up to Rs 200 crore, which can support approximately four to five projects.
As per the information received, in most of the old buildings that choose redevelopment, the residents are elderly or retired individuals who might not undertake self-redevelopment.
