There are some conditions to be met in order to make a valid transfer of property in a housing society
In order to transfer a flat in a cooperative society, some formalities need to be complied with. A housing society is a society with the objective of providing its members with plots, houses or flats. It can also be existing to provide its members with amenities and services. A society can be a co-operative society that is registered or deemed to be registered under the Society Registration Act.

A member of a housing society is a person joining in an application for the registration of a co-operative society that is subsequently registered, or a person duly admitted to membership of a society after its registration, and includes a nominal, associate and sympathiser member. An associate member jointly holds a share of a society with others, but his name does not stand first in the share certificate.

A member wanting to transfer his shares and interest in the capital or property of a society should give 15 days notice of his intention to do so to the secretary of the society in the prescribed form, along with the consent of the proposed transferee in the prescribed form. On receipt of this notice, the secretary of the society will place it before the meeting of the committee held next, pointing out whether the member is prima facie eligible to transfer his shares and interest in the capital or property of the society or not.

In the event of ineligibility of the member to transfer his shares and interest in the capital or property of the society, the committee will direct the secretary to inform the member accordingly within three days of the decision of the committee. If the committee is satisfied that the member is prima facie eligible to transfer his shares and interest in the capital or property of the society, it will direct the secretary to inform the member within three days.

Procedure to transfer interest

An application for transfer of shares and interest in the capital or property of the society should be made in the prescribed form, along with the share certificate

An application for membership of the proposed transferee should be made in the prescribed form

• Valid reasons for the proposed transfer should be furnished
• All the liabilities of the society should be discharged
• Transfer fee should be paid
• Entrance fee of the proposed transferee should be paid
• Premium (to be fixed at the general body meeting) has to be paid. This will not apply to transfer of shares and interest of the transferor in the capital or property of the society to a member of his family, his nominee or his legal representative
• No objection certificate required under any law, an order or sanction issued by the government or a financing agency should be furnished

The managing committee or the general body cannot refuse any application for admission to membership or transfer of shares and interest in the capital or property of the society except on the grounds of non-compliance of the provisions of the Act.

If the decision of the committee or general body meeting, on the application for the transfer of shares and interest in the capital or property of the society is not communicated to the applicant within three months of its receipt, the transfer application will be deemed to have been accepted and the transferee will be deemed to have been admitted as a member of the society. Any transfer made in contravention of the Act, rules or the bye-laws will be void and will not be effective against the society.

The transferee will be eligible to exercise the rights of membership on receipt of a letter in the prescribed form from the society.

Infrastructure and development in the city’s outskirts will make localities here hotspots in the months ahead

Many of Bangalore's suburbs have become a part of the city and the creation of Greater Bangalore is testimony to this expansion. Various infrastructure and investment initiatives have made the outskirts of the city more attractive to both investors and buyers alike resulting in a sudden spurt in demand for residential and commercial property in these areas.

What is driving realty in the suburbs?

With the go-ahead for highrise constructions in the city and the FDI policy in real estate, major global real estate players have entered the realty scene. Huge spaces around Bangalore which were primarily isolated barren lands, are being developed for mammoth gated communities, villas, resorts and built-to-suit office spaces within tech parks, and SEZs.

Improved connectivity is the major factor that is driving property investments on the outskirts. A host of infrastructure projects were completed and some are in various stages of completion, driving the demand for property in the vicinity.

In North Bangalore, the coming up of the international airport, the widened Bellary Road with its signalfree access, and the mammoth proposed Peripheral Ring Road project have given rise to a host of tech parks, huge residential complexes and plotted layouts. In the south and south-east of the city, the Metro Rail project, widened Hosur Road, almost complete elevated expressway to Electronic City and the slew of road widening works on major arterial roads here have spurred high-rise residential enclaves, malls and office spaces.

Why invest in outskirts?

Widened roads which spell increased FAR, an impetus for more commercial property development and improved connectivity have spurred people into moving to quieter and less congested neighbourhoods along the highways. Also, the non-availability of residential dwellings and large office spaces in the Central Business District drove people into investing in land available for a relatively lower cost in the outskirts.

According to Rahul Pai, a real estate consultant, more people are buying property in the suburbs mainly because property prices here were affordable to most and those in the city were at a premium. Presently, there is a huge supply in the market with expansive residential gated communities available along Sarjapur Road and even in Devanahalli. With the real estate prices undergoing correction and with banks lowering their interest rates on home loans, this is the best time to buy either a plot of land or an apartment in these areas. An apartment bought from a reputed builder can give upto five percent rental returns and the capital appreciation is atleast six percent in this market scenario. In North Bangalore the property appreciation is pegged at a little more at eight percent after a couple of years when the markets pick up once again, he points out.

According to global property consultants Cushman & Wakefield's report, Bangalore recorded 18 percent growth in rentals after Kuala Lumpur (58 percent). The highest rental growth was witnessed in the Bangalore markets with the CBD/off CBD region recording 18 percent appreciation over last year owing to limited Grade-A supply coupled with relatively low vacancy and no scheduled supply, at Rs 86 per sqft rental.

While the suburbs recorded an average 14 percent annual increase in rental values at Rs 58 per sqft, the Sarjapur-Marathahalli ORR stretch projected an annual increase of nine percent in rental values costing Rs 48 per sqft.