Approx 2 months ago,CIDCO made it compulsory for co-operative societies in Navi Mumbai to have conveyance deed executed in favour of the co-op society for a transfer NOC from CIDCO.Earlier it was not a necessary document.
Since most societies in Navi Mumbai do not have this document,purchase and sale transactions have come to a halt in Navi Mumbai.Most societies cannot even trace the original builder/developer/gaonwala to get this done.
In such a situation,only a deemed conveyance can save the day for most sellers.
The process takes approx 6-8 months.
Important update (2 oct 2012)
In a major breakthrough for the conveyance problem of housing societies,the govt has now stepped in and made it clear that any builder who refuses to give conveyance to the flat buyers or co-op housing societies within 4 months of handover of flats to the buyers,the local deputy registrars office will give a deemed conveyance certificate automatically after being approached by the flat buyers.
This will bring to end the long and sordid chapter in indian housing.Builders use the conveyance ploy to avoid handover of land and building to housing societies and continue to fleece buyers in the name of NOC.After being approached by flat buyers,the deputy registrar will call the builder and flat purchasers/societies.If it is found that the conveyance has not been given even after 4 months of handover of flats,the registrar will issue a deemed conveyance certificate.
Let us hope that this scheme is not just on paper but actually implemented in true spirit.