What is the meaning of a Housing Society?
A housing society means a group of residential communities formed by homeowners and residents of an area. In simple words, a group of residential homes together means a society.
Features Of Housing Society:
The features of housing societies in India are as follows:
- Housing societies welcome everyone irrespectivite of the gender, caste, etc.
- Elected Members mange these societies.
- The function of these societies are mainly based on self help.
- All the members of the society are elected through a fair election process.
Different Types of Housing Societies in India
The different types of housing societies in India are explained below:
Co-operative Housing Societies |
A Cooperative housing society is a community where the members jointly own and manage a property. It is a legal entity managed by the government and is mostly found in urban areas. |
Tenant Ownership Housing Societies |
In this, the tenant owns the house. The society holds the land on the basis of a lease or freehold. |
Tenant Co-partnership Housing Societies |
The complex is owned by the society on the basis of a lease or freehold. The members can claim their occupancy after paying the monthly rent and the required capital. These housing societies are also called the flat-owner societies. |
House construction societies |
House construction societies mainly construct houses for the members. The homes are given to the members after the construction is finished. The construction money is paid back through the loans. |
Housing mortgage societies |
They provide loans to the members for constructing their homes like the credit union. The members are responsible for looking after the building process. |
Advantages of Housing Society
The advantages of a housing society are as follows:
- The responsibilities and the cost charges are equally distributed among the members.
- All the members have their equal rights.
- It is always safe and secure to invest in a cooperative as it is governed by laws.
- The society follows the structure of democracy.
Formation of a Housing Society
The Cooperative Societies Act of 1912 established the foundation for cooperatives. The roles of housing societies and their members are guided by a set of model by-laws under the Multi-State Cooperative Societies (MSCS) Act of 2002, which is also part of the National Cooperative Housing Federation of India.
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Registration of a Housing society
You have to register the cooperative housing society under the Cooperative Societies Act of 1912. The process of registration are as follows:
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Authorisation of the application
A cooperative resolution has to be passed for authorissing the application. A meeting of the members has to be held and the leading promoter has to be selected.
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Name Reservation Application
An Application for name reservation has to be made with two different options. The application has to be signed with minimum ten members. The required fee has to be paid along with the application.
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Registration Application
According to the Cooperative Societies Act of 1912, the word “limited” has to be mentioned for any cooperative housing society that has limited liability.
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Setting Up a Bank Account
A bank account must be set up by the name of the cooperative society and the total amount must be deposited there.
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Other Clarification Details
Any further other details required by the registrar, has to be submitted within the given time period by the registrar.
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Certificate of Issue
An incorporation certificate will be issued within two months after the submission of the registration application.
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Filing an Appeal if Rejected
The applicant has to file an appeal within a month with the registrar in case of rejection of Housing Society.
Documents Required For Registeration Of Housing Society
The documents required for registration are as follows:
- Application of registration.
- All the statements and certificates of the bank.
- Promoter Members’ details.
- Four copies of the application form are required with signatures of at least 90% of the promoter members.
- A short explanation on the working of the society.
- Copies of the proposed by-laws for the society’s benefit.
- Form D: Bank statement of the promoter members.
- Evidence of payment for registration charges.
- Clearance of title certificate by the advocate.
- Other documents as demanded by the registrar.
Comparison Between Housing societies and Other Residential Arrangements
The table below will tell you the difference between housing societies and Other Residential Arrangements:
| Housing societies | Residential Arrangements |
| There is a strong sense of community. | There is less community interaction. |
| More shared amenities like parks, playgrounds, and community halls. | Less shared amenities. |
| Cost of services is divided | Sole responsible for maintenance costs. |
| Improved security with measures. | Need to arrange personal securities. |
Legal and Regulatory Framework
Sahakar Samvad is a new website and mobile application which is set to launch by the Maharashtra Cooperation Department. This will help more than 115,000 members of the cooperative housing societies to easily file a complaint. The latest report says, a minimal fee of Rs. 50 for each complaint submitted. This app will provide a minimum of 24 complaints.
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It is always beneficial to invest in a housing society because of its security and cost-effective nature. Managing your society all alone can be difficult but NoBrokerHood can make this easy. NoBrokerHood has all the software for managing your society easily. We provide you with an easy installation in the shortest span of time. We will train you with all that is possible. So, don’t waste your time and contact us today. Download the NoBrokerHood App and register with us today.
