In a major relief to owners of dwelling units in the cooperative housing societies, the Chandigarh Administration has framed a policy paving the way for transfer of leasehold flats.
There are a total of 112 group housing societies having over 15,000 flats in Sectors 48, 49, 50 and 51. Out of these, only 35 societies’ land is freehold, while the remaining are on leasehold. Since January 7, 2014, the Registrar (co-operative societies) had imposed embargo on transfer of leasehold flats. Transfer of only freehold flats was allowed.
The administration has, in the new policy, laid down seven mandatory steps required to be followed for transfer of a share/ flat/ dwelling unit in the housing societies.
As per the policy, societies are first required to get the land allotted to them transferred in their name by executing the deed of conveyance or lease deed on paying the prescribed stamp duty on actual amount paid to the Chandigarh Housing Board/ Chandigarh Administration. A deadline of six months has been given.
A General Power of Attorney (GPA)\special power of attorney (GPA)\ub-GPA holder, however, has been allowed to execute a deed of conveyance or deed of transfer of leasehold rights.
The prospective buyer shall seek No Objection Certificate (NOC) from the respective society. Subsequently, the society shall invite objections from the general public through public notice.
On completion of all requisite formalities, if the prospective buyer is found eligible for enrollment as a member of society in place of outgoing member, the respective society after passing a resolution in a meeting of the executive committee and after obtaining prior approval of the UT Registrar (cooperative societies) shall issue NOC for the enrollment of the said transferee/intending purchaser as a member of the society and for the transfer of the right, title or interest in the flat/immovable property in his/her favour through a written letter which shall be subject to the terms and conditions of original allotment.
Once the deed of conveyance or deed of transfer gets registered, the transferee/intending purchaser shall apply for the transfer of share/dwelling unit/flat in the society. After the transfer, the new owner or shareholder shall be treated as a registered member of the
The administration has doubled the rates for transfer fee in all the three categories to be paid by buyer to UT registrar cooperative societies. In category A, the rate has been enhanced from Rs 50,000 to Rs 1 lakh, Rs 50,000 from Rs 25,000 in category B and Rs 30,000 from Rs 15,000 in category C. Also, new charges of Rs 25,000 to be paid by buyer to society as processing charges have been introduced.
The Seven Steps
* Society has to get the land transferred in its name by executing conveyance deed or lease deed before transfer of individual dwelling unit.
* Prospective buyer has to seek NOC from respective society to the effect that no dues are pending against outgoing member.
* Society to invite objection from general public though public notice of 30 day.
* Buyer to pay transfer fee and Rs 25,000 as processing fee to the society.
* After buyer is found eligible, society to pass resolution and approval from UT registrar of societies for issuing NOC and transfer of the rights enabling execution of conveyance deed.
* Buyer to apply for the transfer of flat.
* After the transfer, the new owner or shareholder shall be treated as a registered member of the society.