According to the Law, every Builder / Developer has to form a Housing Co-operative Society with limited options available in this regard to managing the affairs of the building i.e.
(b) Private Limited Company and
(c) Co-operative Society, (excluding the unrealistic rental housing),
It wouldn’t be an exaggeration to state that in at least 90% the Promoters and or the Builders have formed a Housing Co-operative Society.
The basic requirements for a Co-operative Housing Society Registration normally are unknown to the flat/unit purchasers. It is the statutory obligation cast upon the builder, where the builder acts as a friend, philosopher, and guide of the promoters and helps them in forming a Co- operative Housing Society. Advocate minal khona is best Society Formation And Registration Lawyer in Navi Mumbai.
There are four types of Housing Co-operative Societies
(a) Open Plot type Societies [Tenant ownership]
(b) Flat Owners Societies [Tenant Co-partnership]
(c) Tenant Societies
(d) Housing Board Societies.
The procedure for Co-operative Housing Society Registration begins with electing a Chief Promoter in a meeting of the Promoters. The builder under the Flat Owners type of society has the first right to act as the chief promoter. The developer and flat purchasers call for a meeting of the Promoters by the notice under Agenda of the meeting given at least 14 days notice to the Promoters. In this meeting, a Chief Promoter is elected who can exercise such powers and carry out such functions as are mentioned in the minutes of the Promoters of the proposed Co-operative Society. After electing the Chief Promoter, the proposed name of the society has to be decided by the Promoters.