Latest Answer: Agreement of Sale: Finalise an apartment purchase, pay an advance and sign an Agreement of Sale, which is to be registered under registration act of 1908.
Deed of Declaration: At some point, while construction is in progress and before a final deed of apartment is executed and registered; the builder/promoter is to register a document known as Deed of Declaration under registration act 1908.
Deed of Apartment: Conveyance of the apartment is done by executing a Deed of Apartment
Inform the competent authority: To finish the formation of the association, true copies of the Deed of Declaration, by-laws and Deeds of Apartment have to be filed in the office of the competent authority – identified by the act as the registrar of cooperative societies.
Declaration under Form B: A declaration by the owner(s) of each apartment under Form B is also to be executed and submitted to the competent authority
Q:I have a residential property in Chennai which is facing the main road a fast developing area. I am looking for renting it out. I have received couple of enquiries for commercial use for Bank/Medical Lab etc., Is this permissible provided I convert EB and other issues to commercial after getting written permission from other house owners (No association for this 14 flat society)
Latest Answer: Hi Sundar & all,
Even if a housing society permits business activity in a certain cases, such activity can still be understand illegal and be notified accordingly. It is not advisable to take anything for granted, and to have the legality of such an undertaking examined by a qualified lawyer.
