Transfer of Title in RERA

Transfer of Title in RERA
  • General
  • Friday 23rd August 2019
  • Author: Shreya Uppal

Highlights

  • The transfer of title means the act of transferring ownership of the property from one person to another. The promoters and the allottees must be well aware of the RERA laws regarding transfer of title.

  • As per Rule 9 (2)(i) of the MAHARERA Rules, 2017, the promoter shall carry out conveyance within three months from the date the allottees in such plot have paid full consideration to the promoter.

The transfer of title means the act of transferring ownership of the property from one person to another. The promoters and the allottees must be well aware of the RERA laws regarding transfer of title.

RERA provisions
As per Section 17 (1) of the RERA Act, 2016,
the promoter shall execute a registered conveyance deed in favor of the allottee along with the undivided proportionate title in the common areas to the association of the allottees. Also, the promoter should hand over the physical possession of the plot, apartment to the allottees and the common areas to the association of allottees and other title documents within the specified period provided under the local laws.

The proviso to Section 17 (1) of the RERA Act, 2016 states that in the absence of any local law conveyance deed in favor of the allottees shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate.

As per Section 17 (2) of the RERA Act, 2016, after obtaining the occupancy certificate and handing over physical possession to the allottees, it shall be the responsibility of the promoter to handover the necessary documents and plans, including common areas, to the association of the allottees or the competent authority.

The proviso to Section 17(2) of the RERA Act, 2016 states that in the absence of any local law, the promoter shall handover the necessary documents and plans to the association of the allottees or the competent authority, as the case may be, within 30 days after obtaining the occupancy certificate.

MAHARERA Rules, 2017
1. As per Rule 9 (2)(i) of the MAHARERA Rules, 2017
, the promoter shall carry out conveyance within 3 months from the date the allottees in such plot have paid full consideration to the promoter.
2.
As per Rule 9 (2) (ii) of the MAHARERA Rules, 2017, if no period for conveying the title of the Promoter to the legal entity of the allottees is agreed upon, the promoter shall execute the conveyance within three months from the date of issue of occupancy certificate or 50% of the total number of allottees in such a building or a wing, have paid the full consideration to the promoter, whichever is earlier.

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Tags: 
MAHARERA Rules, 2017occupancy certificateallotteesconveyance deed

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