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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Significance & Formation of a Co-operative Housing Society in the State of Maharashtra

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

Before we discuss this subject in length, lets first have a look at the definition of a Housing Society

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

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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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Basic differences between a Condominium Apartment, a Co-operative Society and an Company

Here I have tried to list some of the basic differences between the ownership of flats under MAOA, Co-operative Societies & Companies Act says Adv. R. P. Rathod.

Ø   The Maharashtra Apartment Ownership Act, 1970 is, as its preamble states, an Act to provide for the ownership of an individual apartment in a building and to make such apartment heritable and transferable property. Heritability and transferability of the apartment is the basic feature of holding the property governed by this Act, which distinguishes it from holding the property governed by the Co-operative Societies Act or the Companies Act. The entities are as under:

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