On how the tax liability would be calculated for a person who owns two or more flats in the housing society or residential complex, the Ministry said in such cases the ceiling of Rs 7,500 per month per member shall be applied separately, for each residential apartment owned by him.

In accordance with the society bye-laws no member of the Society shall assign, mortgage or create any charge on his occupancy right in the flat without the previous permission in writing of the Society / RWA.

A member should not transfer his ownership of flat to others before completing one year, to his membership of the society.

10 of the MOFA, as soon as the minimum number of persons required for forming a co-operative society or a company have taken flats, the promoter must within 4 months submit the application for formation of a co-operative society or a company. In such circumstances, the options available to the flat purchasers / society include filing a complaint in the Consumer Court. (a) Open Plot type Societies [Tenant ownership] (b) Flat Owners Societies [Tenant Co-partnership] (c) Tenant Societies (d) Housing Board Societies. If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. 1. Quick Download: If you are looking for sample template of bylaws for residential welfare association or apartment owners association, download from here. fromRajiv Gandhi National University of Law, Patiala, Punjab and a Diploma in Entrepreneurship Administration and Business Laws from NUJS, Kolkata, provides and an overview of the Maharashtra Ownership of Flats Act, 1963. Even though there is no necessity of No objection certificate for transfer of flat, according to rule 24 of the Rule 1961, he has to give 15 days’ notice to … If builder/ promoter is not co-operating in registering the Co-operative Housing Society, then in that case, the application for registration of society be submitted in Form 6 (Rule 12) before the District Deputy Registrar, who has been given power under section 10(1) of the Maharashtra Ownership Flats Act 1963. (x) 'Parking Space' means open space within the (ix) 'Papers' means all or any of the items mentioned in the bye-laws Nos. 1963.

(Shutterstock) In India, an apartment association is formed as a voluntary organisation of the owners of apartments of a particular housing society.

An alternative to a Co-operative Housing Society was introduced by the Maharashtra Apartment Ownership Act, 1970, which provides for the formation of a Condominium.

An association of people who own houses in a society can form a RWA for the day-to-day function of the society. 142 and143. 3. Taking interest to build society is the best, the builder also is statutorily obligated to form a co-operative housing society, it is not necessary that we must wait for the builder to form a society, Seven flat owners are enough to promote a co-operative housing society. Your housing society can cancel your membership, which in turn may amount to you losing your ownership over your property.

Need for Bye Laws The primary responsibility of the Managing Committee of an Apartment Owners Association (or Residents Welfare Association) is to ensure proper maintenance of the Apartment Complex and to resolve any issues that … The builder under the Flat Owners type of co-operative society has the first right to act as the chief promoter.

60 % of the Promoters are must be ready to form Co-op.
The flat owners society formed under this act can be effective for the limited purpose of managing the day to day affairs of maintenance. Apartment owners association can file a single case against the builder on behalf of all its members, as consumers having the same problem. 2.

The procedure for Co-operative Housing Society Registration begins with electing a Chief Promoter in a meeting of the Promoters.

(viii) 'Ownership Flats Act' means the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act.

A housing society is the perfect fit for a residential building as flat-owners have common needs like maintenance etc. This section recognises a company as a valid form of organisation as opposed to a society. All States in India are required to implement by February 14th the 97th Constitutional amendment of 2012 mandated by the Centre in the Co-operative Sector. A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). The developer / flat purchasers should call for a meeting of the Promoters by issuing the […]

Nitin Singh lives in a highrise residential society, with more than 80% occupancy. I hereby communicate that a General Meeting duly held on ____ (date) presided over by the undersigned, the Association of apartment Owners under the name and style of “ABC Flat OWNERS’ ASSOCIATION” for our property at Premises No. the Ownership Flats Act and the Rules made there under, of the right, title and interest, in the land with building/buildings thereon, the details of which are as hereunder: The building/buildings known/numbered as constructed to be reconstructed on the plot/plots Nos ____________ S.

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