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Important Changes for Maharashtra Housing Societies: Inheritance of Flats and Shares

 



This blog post is for members of housing societies registered under the Maharashtra Co-operative Societies Act, 1960. A recent amendment, the Maharashtra Co-operative Societies (Amendment) Act, 2019, has introduced some key changes regarding the inheritance of flats and shares in a society upon a member's death.

Key Points of the Amendment:

  • A new section, 154(b), has been added to the Act.
  • This section deals with the transfer of a deceased member's interest in the society's property.
  • The society will transfer the share, right, title, and interest to:
    • A person nominated by the deceased member according to the society's rules (if any).
    • Heirs entitled to inherit the property based on:
      • A legal heir certificate.
      • A succession certificate.
      • A testamentary document (like a will).
      • A document of family arrangement.

What if there's a Will?

The amendment recognizes a "Will" as defined by the Indian Succession Act, 1925. A Will is a legal document outlining how you want your property distributed after your death.

What about Probate?

Probate is a court-issued certified copy of a Will, along with the grant to manage the deceased's estate.

When is Probate mandatory?

Probate is mandatory for Wills made by Hindus, Buddhists, Sikhs, or Jains in specific regions, including Mumbai.

Documents required for Probate:

  • Petition filed with the Bombay High Court.
  • Death certificate, photo ID, and Will of the deceased.
  • ID proofs of the executor and legal heirs.
  • Death certificate of any pre-deceased heir (if applicable).
  • ID proof of a Will's attesting witness.
  • Detailed list of the deceased's property.

Probate Process:

  • Drafting and notarizing documents.
  • Court fees (maximum Rs. 75,000).
  • Filing the petition electronically.
  • Addressing objections (if any).
  • Submitting original Will and death certificate.
  • Obtaining a final order (Probate).

Timeframe:

Expect 10-12 months to receive the final Probate after filing.

Potential Challenges:

  • Legal heirs withholding consent can delay the process.
  • Executor's death may require additional legal steps.
  • Witness deaths may require additional evidence.

After Receiving Probate:

  • Register the Deed of Transfer within a year at the Sub-Registrar's office.
  • File an affidavit with the Bombay High Court.
  • Coordinate with the housing society for membership transfer.

Conclusion:

Understanding these amendments and inheritance procedures is crucial for ensuring a smooth transfer of your flat and shares within the society upon your passing. Consulting a legal professional can help you navigate the legalities of Wills and Probate for a hassle-free transition for your heirs.

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