Property in Cooperative Housing Society and ownership rights
Hi respected sir I am going to buy a property in Surat, Gujrat. It is a co-op -housing society. How can I be an absolute owner of the property in CHS ? Someone said society is the owner of the land area and they just transfer it to the member before party has sale deed and share certificate under the society law. There is no due of society by their name. My questions are (1) Can I become absolute owner of the property by making society chairman as saler or confirming party in my sale deed and taking all rights of property? (2) after becoming absolute owner it is necessary to become a member of society and taking share certificate? (3) Can I make that type of sale deed and become absolute owner of property?
After the Conveyance Deed is executed between the Developer/ Land Owner and the Cooperative Housing Society the Society becomes the absolute owner of the said property. The members of this society then receive Share Certificate upon application by which they can claim the ownership of the flats, however, the society still remains the absolute owner. This does not compromise the rights of the owners' rights to possess or transfer the property hence you may rest assured.
There isn't a provision for the members themselves becoming the absolute owners of the Society.
The court has held that the ownership of the society in the property belongs to the society and not in the name of its members. The various provisions of bye-laws of the society restrict the right of the members over the property belonging to Sterling Bay Co-operative Housing Society Limited, e.g., the bye-laws which provide for limitations for the rights of the members against the land and building belonging to the Co-operative Housing Society. Therefore, all the statutory and utility authorities recognize only the Society Limited as the owner of the land and not any of its members.
Book a phone consultation with a top-rated lawyer on Lawfarm.