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Membership in a cooperative housing society is open to all. Any individual wishing to use the services of a cooperative colony can become a member.
A housing cooperative society is a legal entity that owns real estate with multiple residential buildings. It operates under a legal framework at the national or regional level.
A housing society gives the right to vote and attend meetings only to the first house owner. However, a cooperative housing society has joint, nominal, temporary, and associate members for participation.
A housing cooperative is a voluntary association that works for the welfare of the contributors. Members form the institution with mutual assistance from the members.
The Chairman presides over meetings, makes decisions, approves expenditures, names committee members, and initiates community-building activities. The secretary is responsible for record-keeping, organisational activities, communication and correspondence, etc. The Treasurer is responsible for financial management, budgeting, accounting, bookkeeping, asset management, investment, fundraising, compliance, etc.
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
Housing cooperative societies have been in India for decades. They are self-regulated, member-governed entities that provide affordable housing solutions to people. Members mutually consent to form the society. This article entails a housing cooperative society, its objectives, types, and advantages.
What is a Cooperative Housing Society?
A cooperative housing society is a legal entity comprises of society members and residents. It owns and manages residential structures within premises. Members of a cooperative colony/society purchase land, develop residential structures and allot them to the members.
Individual Cooperative Societies Acts manage the workings of cooperative housing societies across India. The government entrusted Registrar of Cooperative Societies regulates the cooperative societies' rules and regulations. Usually, a housing society is a part of the NCHFI (National Cooperative Housing Federation of India) while adhering to the bylaws under the Multi-State Cooperative Societies Act of 2002.
What are the Objectives of a Housing Cooperative Society?
The primary objective of a housing cooperative society is to support its members. Some of the other objectives include the following:
What are the Advantages of a Cooperative Housing Society?
Here’s a look at the advantages of a cooperative housing society:
Types of Housing Cooperatives
A housing cooperative society can be of four types:
Documents Required for the Registration of a Housing Society
The following documents are necessary for the registration of a cooperative colony:
Read Also: What is Meebhoomi Land Record?
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