Society should not face problems as original sale deed is duly stamped and registered 

however advisable to register sale  deed as you will face problems in sale of flat if sale deed not registered 

Absolutely wrong, till sale deed is not registered, title dose not trasfer in you. Bank fooled you and value of registered society is comparison to registered sale is paltry.

And your ownership is act stake as seller may not come to register sale deed now after receiving full amount.

If document was duly stamped in 2002 and full stamp duty was paid by you as per market value there is no evasion of stamp duty 

Dear sir,

Deemed Conveyance is a hot issue today, as most of the flat-owners of the newly constructed apartments do not have their sale deeds or conveyance deeds or even names in the 7/12. Mostly in the newly constructed buildings the builders provide for making a housing co-operative society to which they shall transfer their interest in the property. Then the builders make the society but do not pass on the title of the property (read ownership) to the flat-owners or the society till he has sold all the flats in the building. Thus the builders are benefiting from the buyers lack of awareness and information.

To curb this practice amendments were carried out in the Maharashtra Ownership Flats Act, 1963, in 2008 to appoint a Competent Authority (Registrar of Co-operative Housing Societies) to hear the grievances of such apartment owners and to safeguard the interest of such societies.

The Co-operative Housing Society which does not have a conveyance i.e lease of the plot, does not have a clear title of the plot on which the Society has constructed a building. Since, the Promoter (Builder) is not ready to appear before the authority for conveyance, the title of the plot is not passed on to the Society.

By executing the deemed conveyance, the Society gets a clear title of the plot. The Society can get the rights for re-construction of the building only when the deemed conveyance is executed.

Do you not know that registration is must for sale of any immovable property.

Without registration there shall be no transfer of ownership of the property.

Deemed conveyance is completely a different issue not related to your resale flat.  If the builder/land owner  or their legal heirs refuse to hand over the conveyance certificate to the society /owners of the project, then competent authority, on application by the affected party pass  instruments as to deemed conveyance of the property.

This is not applicable to resale flat afterwards. Immediately call the seller to register the sale deed. Otherwise you shall be at high risk of losing your ownership. As of now you have no ownership title to the property. It is an alarming situation to you.

YOU ARE STRONGLY ADVISED TO TAKE IMMEDIATE ACTION TO REGISTER THE PROPERTY. IF REQUIRED INFOM TO POLICE AGAINST THE SELLER. IT WOULD TURN INTO CHEATING AND FRAUD CASE 

It's important that every flat owner has to have registered sale deed.for the same

- Deemed Conveyance or Conveyance Deed is a document executed to transfer the title of the land and building in favour of Society.

- Further , the documents required for Deemed conveyance include society registration certificate, approved layout, 7/12 extract, Sale Deed of each flat owner , list of registered members of the society, occupation certificate, non-agriculture certificate of that particular plot and notice copy etc.

- Hence, Society will ask your Sale deed , othewise you will be debarrd from the list of flat owner of the society.

- Contact the reseller of the flat and request him to execute the registered Sale Deed in your favour. 

- Maharashtra allow registration at a lower market value than Circle Rate. 

You need to get the registration done to establish clear ownership over the flat. 

For that you have to pay required stamp duty and get the flat registered on your name. 

Until you have a registered sale deed in your name you cannot claim title to the property legally.

The society's deemed conveyance cannot replace the title to your property.

The bank lawyer may tell plenty of things, why did you not consult your own lawyer about it.

Even now you have chances to retrieve the documents from bank and get the property registered on your name and then deposit the registered title deed to the bank for the bank loan purpose.

It is pertinent to pay the stamp duty as per the market rate.

If you have already paid the stamp duty at that time then you can apply for registration of the title document in your favor.