AUTHORISED COMMITTEE TO GET CONVEYANCE OF LAND & BUILDING IN THE NAME OF THE SOCIETY TO AVOID FOLLOWING CONSEQUENCES
1. Even though you have purchased ownership flat, you are not the owner of the land and building.
2. In the event of a building collapse or damage to the building, you cannot reconstruct the building without the permission of the Builder / Land owner.
3. The Builder /Developer may mortgage the property purchased by you as he is the legal owner and holding the Title Deeds of the Property.
4. The Builder / Developer may transfer the FSI / TDR to his other projects and enjoy the commercial benefits, depriving the flat purchasers / Society of its legal entitlement.
5. The Builder may make profit by sale of open spaces, gardens, terrace, parking space belonging to the Society.
6. The Builder may demand a huge amount from the Society, if Conveyance is sought by the Society after a lapse of many years.
The Builder may sell the entire Development Rights and the Legal Rights on the land to third party and create a third party interest in the Property and the Society will have to incur a huge amount to clear the same.