My society in Mumbai has 220 residential apartments and 5 commercial shops.
I have been staying here for 17 years. All the Shops were owned by Builder till now.
I purchased a small shop, which got registered in May 2019. The Society took a lot of time in giving the NOC and finally gave the NOC around 29th of September (on the day of AGM). We paid all the charges including transfer fee etc in July 2019.
On the 1st of November, I sent a mail officially asking the Society to transfer the Share Certificate in our name. But there has been no reply despite following up. After waiting for 75 days (from Nov 1st), I sent another mail yesterday. I took loan from Axis Bank against the Shop (which has been paid off because subsequently I took loan against property from CitiBank on my residential unit as I was getting a better rate of interest, so I used this money to pay off Axis Bank)
Are there any timelines which the MC needs to adhere to transfer the Share Certificates?
SHould I ask them to state the Bye Law under which they have delayed the transfer of Share Certificates
I C Naik
Share Certificates are to be issued within the time limit specified in the bye-laws of the concerned chs. It is a documentary evidence of membership. When a member transfers his interest in the Capital and Property of the CHS the Share Certificate has to be endorsed with the name of the transferee. This is a procedural requirements and many societies are slack in this matter. It does not pose serious difficulties in running the affairs of the Society. It is true that one laxity leads to another and cam create inconvenience over a period. You may keep reminding the Secretary to provide you a share certificate and keep the evidence that you had made a request. Once a year you may remind the Chairman also. But there are no easy remedies even for such unimportant lapses in Housing Society management.