In cases where the developer has not transferred ownership of the land and buildings to the housing society, the government is considering issuing deemed conveyance.
The Maharashtra government may offer relief to homebuyers of about 1,00,000 housing societies where developers failed to transfer ownership of the land and buildings after the completion of the projects.
The state government is considering a policy decision to issue deemed conveyance in all such cases, an official said on condition of anonymity. The move will ensure that the title of the land is transferred to the housing society and there is no hindrance in redeveloping old buildings.
The issue was discussed by state government officials with deputy chief minister Devendra Fadnavis, who is also the housing minister, at a review meeting on May 8.
According to the Maharashtra government’s economic survey report of March 2023, only 27,000 of over 120,000 housing societies – or about 22 percent – have conveyance.
“This decision, if taken, will be a very big decision and will provide relief to lakhs of citizens residing in old buildings and are unable to go for redevelopment due to lack of conveyance. It is under consideration, and not finalised yet,” the state government official said.