Is It Necessary to Register My Cooperative Flat? Seeking Legal Advice and Insights

I am one of the members of a Housing Cooperative Society (registered under the Cooperative Societies Act). I have a loan for the same flat at the State Bank of India. The bank officials are now asking me to deposit the registered ownership deed from the Housing Cooperative. I contacted the local land registration office and found out that there is a significant cost involved in the registration process. Is it necessary for me, as a member of the housing cooperative, to register my flat? I have the share certificate, allotment letter, possession letter, etc.

Request for Legal Assistance

Seniors, please advise. Can anybody help me by providing any case law/judgment in this regard from any court? Please.

Regards,
Pulak Sahoo
Haldia

Registration is compulsory. In case the market valuation by the Municipal Corporation is below Rs. 25 lakhs, the registry and stamp duty will be 7.1% of the valuation; otherwise, it will be 8.1%.

Regards,
Amitava

Clarification on Bank's Request for Registered Deed

Hi seniors, please realize the fact as under: We, the eight (8) persons, created a housing cooperative duly registered by the West Bengal Housing Cooperative Society Act in the year 2005. We then drew a building plan, which was approved by the local municipality, and proceeded to build the said building through a labor contract. We did not sell the flats; rather, we built them on our own. Therefore, as a member of the Housing Cooperative, I own one flat in the same building. During the land registration, our registration fees/stamp duty were waived as per the rules.

Hence, I request clarification on the bank's request for the registered deed of the same flat. Is the bank's request correct?

Regards,
Pulak Sahoo