HAVE YOU FORMED THE CO-OPERATIVE HOUSING SOCIETY?
IF NOT… THEN FORM ONE FOR VARIED BENEFITS
Today we will discuss an aspect of life that we all come across at least once in our lives.
We all dream of owning our own house, where you live in your little world. It is a dream come true for all of us to own a home. But with the advent of fulfilling this dream comes a lot of procedural formalities and paperwork and documentation.
Once you buy a house, you know that there shall be other people/families/members in the same building. Eventually, they become your extended family. You all collectively have the responsibility of managing and running the society with ease and benefit of all.
To run the management of such an infrastructure along with the other members, you form a cooperative housing society to ensure the smooth operation of work.
At this point, let me explain to you the concept of the formation of the co-operative housing society. And what shall be the advantages once you form such a society?
Let’s understand the basic meaning of cooperative in common parlance. Cooperative means voluntarily working together with others for a common purpose of promoting the society’s welfare. So, in simple words, when you form a cooperative housing society, you and the other members of the society come together for a common cause – i.e. to run the society in the best manner possible for the benefit and welfare of all concerned.
Now, there will be several questions coming to mind –
- the first question that comes to mind is when can you form society?
- Who can form the Society?
- What is the procedure to form a Society?
- Where to get the society registered? and so on…
One can form a co-operative housing society with at least 10 adult members/promoters. The members need to have a common bond i.e. they shall be a member of the same proposed society. A builder/promoter needs to form a society when at least 60% of the flats are sold. However, in case the builder promoter does not get a society formed, the members can themselves initiate the social formation. The member will have to make an application to the registrar of society along with a required set of documents as prescribed in the Co-operative Society Act or relevant State Co-operative Society Act.
Few Advantages of forming a Co-operative Housing Society are mentioned below:
1. Economies of expenditure incurred
2. Equal status
3. Limited liability
4. Better management of common resources
5. Perpetual existence
6. The smooth running of society