Significance & Formation of Co-operative Housing Societies

Housing Societies function as small communities, organising social and economic activities for members and affording them opportunities including higher social values.

HOUSING SOCIETY

DEFINITION: The Definition of "Housing Society" under Section 2(16) of Maharashtra Co-operative Societies Act 1960 is as follows:-

"Housing Societies" means a Society, the object of which is to provide its members with open plots for housing, dwelling houses or flats; or if open plots, the dwelling houses or flats are already acquired, to provide its members common amenities and services."

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Benefits of Housing Co-operatives – A Co-operative Guide

There are two main types of Housing Co-operative, non-profit and for-profit. While this guide does not look at the differences between the two, many provinces require that housing co-ops operate on a non-profit basis. If the co-op is non-profit, members cannot sell their shares in the co-op. In for-profit housing co-operatives, members own a share of the co-op, but not the individual unit they live in.

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