Housing Society - Types, Features, Purpose & Registration
By Investoxpert | 21 Oct 2023 | Real Estate
One or more dwelling structures make up a housing society. If you are a member, you have the right to live in a high-end residential flat or a house in the community. To meet or better their shared need for housing, members of a housing cooperative collaborate for the common good.
What Is Housing Society?
A housing society is a group that owns and manages residential properties. The idea was to provide affordable housing for working-class people who couldn't afford to buy a home.
How Do Housing Societies Operate?
The Co-operative Societies Act, which enables people to join forces and establish a co-operative society to achieve a common goal, allows for the establishment of housing societies. An elected committee of the society's members manages the organization's affairs. The members are responsible for maintaining the property, which is owned by the society as a whole.
What Are The Features of a Housing Society?
Some of the most important characteristics of a cooperative housing the community include the following:
It welcomes everyone: The decision to join a cooperative housing group is not discriminatory. You are welcome to join regardless of your gender, social standing, caste, political allegiance, or religion.
Non-Profitable communities: Housing societies are non-profit organizations that rely on independence and self-help activities to operate.
Ownership: The members of cooperatives make decisions democratically for, with, and on behalf of the group. Representatives and office holders are selected in an open election procedure.
Self-regulation: Members of cooperative housing societies govern and run the organizations. They are hence independent and self-sufficient.
Information And Instruction
Cooperatives provide their members with management and legal compliance training.
Mutual aid: In cooperatives, members are allowed to adopt best practices. They use regional, governmental, and international organizations and perspectives to improve living circumstances.
Mutual Benefit: A cooperative runs with members' needs in mind, not power or self-interest. A cooperative's primary objectives are the welfare, convenience, and prosperity of each member.
Each participant contributes equally to the costs of maintaining and providing amenities for the community.
Limited liability: Each member's contribution is equalized and applied to the amount necessary to cover maintenance costs.
Legal entity: A registered cooperative housing society is a legal entity subject to local and national laws.
What Are The Objectives Of Housing Cooperative Society?
A housing society is a group of people who support one another democratically. Following are a few of the key goals of cooperative societies:
- A society is a place where people with similar interests coexist and prosper. The way that everyone's needs are prioritized makes it resemble a family.
- Everybody's life is changed by a society to a more honourable and healthy way of living.
- Each person in the community is given money in the form of assistance. The housing society or any other structures required on the site can be built with the help of this finance.
Types Of Housing Society
1. Tenant-Ownership Housing Cooperatives
In a housing society when tenants are in possession, the organization owns an interest in either a leasehold or a freehold piece of the land. Participants include those with land leases as well as owners of real estate. The participants are responsible for constructing their own homes. But you must follow the rules on ownership transfers and subletting.
2. Tenant Co-Partnership Housing Cooperatives
The cooperative society, also known as a flat owner society, is the rightful owner of the apartment complex and the land, which may be freehold or leased. After paying the required down payment and rent for the first month, members are granted the right to occupy.
3. House Construction Societies
The housing society, commonly referred to as a house construction society, builds homes for its members. The residences are built, then distributed to family members. The building costs were covered by loans.
4. Housing mortgage societies
They provide money to members who want to build houses, and the members are in charge of managing the construction.
What Is The Registration Process For Housing Society?
State governments have implemented legislation that regulate the real estate cooperative society registration process in real estate. The following are the standard steps for registering a housing cooperative association. These might alter based on state laws:
- Authorization for Application:
Meeting potential members and choosing a lead promoter are part of the first step. Then a collaborative resolution is approved. It allows the registration application to be submitted for a housing cooperative association.
- Application for Name Reservation
To be valid, the application needs to be signed by at least ten different members.
Members of the cooperative society must submit a name reservation application after choosing a name for the organization. Along with the name reservation application, a fixed sum is also paid to the Registrar. Three months after being reserved, the name is still available.
- Application for Registration
According to the Cooperative Societies Act of 1912, any cooperative housing organization with limited liability must have the word "limited" as the last word in its name. The proposed subscribers are required to pay the subscription price.
- Opening a Bank Account
A bank account must be formed in the cooperative housing society's name and funded with the capital sum.
- Additional information or explanation
After you have successfully submitted your application, The Registrar may require more information. A deadline for the supply of the information has been set by the Registrar.
- Issuance of Certificate
The authority issues a certificate of incorporation to the cooperative housing society. It is issued within two months after submission and acts as conclusive proof of incorporation.
What Are The Benefits Of Living In A Housing Society?
- Housing cooperatives are economical because of lower cost per member for accessing all amenities and services.
- It is not a for-profit endeavour or a public enterprise. A housing society's primary goal is to offer financial exploitation or centralized financial management.
- Housing societies offer a secure place for residing. Because every applicant is reviewed and vetted before membership is granted. Criminal elements are rejected.
- Residing in a housing society is advantageous in terms of tax deductions. Because you own a home, you can deduct your share of the real estate taxes or mortgage that the society paid.
- Members are involved in the creation and development of the society from its inception through its various stages of refurbishment. To cover the modest maintenance and administrative costs, each member makes an equal contribution.
- There is no external influence, such as that of a landlord. You are secure as a homeowner and can take advantage of residence benefits for as long as you wish. Once you vacate the property, you can still benefit from your post-occupancy benefits.
- You are a part of a bigger, more varied community. It encourages societal acceptance, harmony, and brotherhood.
- A cooperative might offer superior administration, amenities, and well-kept facilities. All requirements are satisfied in these gated property for sale. Because the members listen to one another, take care of the land, and give everyone an opportunity to voice their opinions.
- Cooperative societies are reliable and secure. But the housing society is backed and has a solid legal basis. The ideal long-term living and investing situation.
Conclusion
Shares must be purchased in order to join a housing cooperative society. It offers its members residential homes or apartments. Inadequate land and financial mismanagement by builders are also protected.
Additionally, the Examples of Housing Cooperative Society in India offer well-being and economic development services in both urban and rural communities. The knowledge you require to launch a cooperative housing organization will be provided by this blog. Through these efforts, a society that benefits its members and the community as a whole can be created.
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