Do You Want To Buy A House In A Housing Society? Know Your Legal Rights!
Specific principles and rules must be followed when managing housing societies. For society to operate properly, each individual must adhere to the standards. Each resident must maintain civility since any transgression may result in the loss of property ownership rights. The governing board, which is chosen by the members, is responsible for the upkeep and growth of the society. Housing societies also collect maintenance costs, which are utilised for the society’s welfare and upkeep.
A housing society member’s legal rights
Take ownership of a property
An owner who has purchased an unit in a housing society has the right to live in the house. The owner may also switch flats, sublease the apartment, and/or transfer shares of the unit in accordance with the society’s regulations.
Examine papers and records
Members have the right to view financial documents, bylaws, and records of society upkeep. According to calculations, housing societies in India receive more than Rs 500 crore from its members each year.
Obtain financial assistance from the community.
Throughout an economic meltdown, any member can contact the society for a loan. The money can be sanctioned by the society at a certain interest rate.
Participate in the operation of society.
Members can participate in the operation of society. A member may also participate and view the minutes of Annual General Meetings (AGM) and special committee meetings.
They can take part in AGM agenda debates about budget, administration, preservation, and other important areas of society.
Nominate people for the governing board.
You have the ability to propose and vote for members of the governing body of the society. A member may also nominate himself or herself.
Removal from the housing society
In some instances, a housing society may approve a resolution to expel a member. In this instance, the member may potentially lose ownership of the property.
Inform us of your suspicions
As a member, you have the power to report embezzlement/fraud to the police or the society’s governing body. A complaint can also be filed with the registrar of societies in this respect.
Resignation and transfer
At any moment, a member may quit and transfer the property or money to another party.
Nominal members’ consent
A member may provide permission to a nominal member to inhabit a residence within the group.
If one wishes to live in a housing society, it is good to educate oneself about the rights of a homeowner in the society. After all, a member is a significant stakeholder in a residential society’s management and activities.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.