What is a tenant ownership housing society?
1. Tenant Ownership Housing Society : Housing Societies where land is held either on lease-hold or freehold basis by societies and houses are owned or to be owned by members. The houses or structures built thereupon on such land are owned by the building site from the society as a lease-holder.
Who is the owner of a cooperative society?
Cooperatives are democratically owned by their members, with each member having one vote in electing the board of directors. Cooperatives may include: businesses owned and managed by the people who use their services (a consumer cooperative)
What are the benefits of housing society?
If the housing society is registered, it is easy to collect maintenance from the flat owners from the very beginning and it is also easy to recover from those flat owners who do not pay maintenance. Maintenance of unsold flats can be recovered from the builder.
What are the rights of associate member in housing society?
Occupy the flats after consent of Original Member but will not have right, title and interest in the property. Has the right to part of any events , celebrations etc. organized by society and also have equal rights to all the common spaces, parking slots, gym etc. Has right to approach authorities for legal matter.
What is difference between apartment and society?
In A Society, Every Member Has One Vote, Irrespective Of The Area Of His Premises. In A Condominium, Every Apartment Owner Has A Voting Right In Proportion To The Value Of His Premises Which Is Generally As Per The Area Of The Apartment Owned By Him And Which Is Defined While Forming The Condominium.
What is the difference between freehold and cooperative society?
However, the main difference between co-operative housing property and a standard housing society lies with ownership. There are tenant ownership housing societies, in which land is owned either on leasehold or freehold basis by the society, and homes are possessed by members.
What are the disadvantages of cooperative society?
The disadvantages of a cooperative society have been defined below:
- Limited Resources:
- Incapable Management:
- Lack of Motivation:
- Rigid Business Practices:
- Limited Consideration:
- High Interest Rate:
- Lack of Secrecy:
- Undue Government Intervention:
What is the difference between housing society and cooperative housing society?
A registered society is a legal entity with certain limitations. However, members of a cooperative society get together to promote the economic interest of their members. They have to submit viable business plan of the cooperative before registration.
Can associate member become owner?
The person ceases to be an Associate Member of the Society when the original member ceases to be a member of the society. It is doubtful whether a joint owner i.e. Associate Member automatically becomes thefirst owner after the death of the original first member or the property is transferred to the nominee.