Legal Question in Real Estate Law in India
Once the society is formed and registered within how much time one can expect the share certificate. What is the importance of share certificate to a flat owner.
3 Answers from Attorneys
29.04.2012
Dear Sir / Madam,
Share Certificate is the proof of ownership of the flat / shop and membership of the Society.
The Society is supposed to issue the Share Certificate within a period of 90 days from the date of application and receipt of Share Application money from the prospective member.
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Regards,
The issue of share certificate is a formality. But if the society does not issue it within the reasonable time then it will be penalised as per the Societies Act and rules. But you as a member is not liable for the non issue of the certificate.
One should expect share certificate soon after registration.
Share certificates of a housing society are very important.
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