Frauds and Scams in Real Estate

Great Eastern Summit (Belapur) hit by Conveyance Deed scam

Great Eastern Summit, Belapur, hit with Conveyance Scam.

In another ‘Conveyance’ scam of mammoth proportions, the jt.registrar of co-operative societies Mr.Sandeep Deshmukh has appointed a special auditor to probe allegations of swindling against the committee members of Great Eastern Summit ‘A’ . An NGO by the name of Sahayak has alleged that the managing committee obtained Rs 30 Per Sq foot from society members on the pretext of ‘Conveyance’ charges. The NGO has submitted minutes of the meeting wherein the said charges are clearly mentioned. Readers should be aware that Conveyance is a procedure wherein the builder transfers the rights and title of a building he has constructed to the Society.In Navi Mumbai, CIDCO NOC is not possible if the Conveyance is not in place. Normally, this Conveyance and Society formation is the Builders responsibility. He alone is responsible for all the costs associated with it. If the builder does not co-operate,the Society can apply for Deemed Conveyance wherein the Society applies for Conveyance on its own. In this case the Society bears the transfer cost which is listed on the CIDCO website. Most of the managing committee members take advantage of the lack of knowledge of Society Members and fleece them in the name of Conveyance. The total value of this scam is said to be upwards of 50 lakh rupees.

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Mayur is a real estate professional with more than 15 years of experience at all levels of the Real Estate trade in Navi Mumbai. When not involved in real estate, he is actively involved in social issues of the community where he lives. He can be reached on 9987452642

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