The Basics: Maharashtra Cooperative Societies Act!

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India has the most cooperative societies in the world, with approximately 900,000 in operation. Cooperative societies, in effect, represent about 20% of the country’s gross domestic product. Maharashtra has about 50 million members in 2.3 lakh cooperative groups. Co-operative housing societies account for about 52% of all cooperative societies, with a working capital of Rs 3,97,466 crore and deposits of Rs 210,404 crore. The Maharashtra Cooperative Societies Act, 1960 governs these co-operative societies, that are extremely strong due to their financial and social effect in the state.

What exactly is the Maharashtra Cooperative Societies Act?

The Maharashtra Cooperative Societies Act, established on January 26, 1962, offers a complete framework for the registration, membership, incorporation of responsibilities and privileges of cooperative societies across Maharashtra.

As directed by the centre, the Maharashtra government adopted an ordinance modifying the Maharashtra Cooperative Societies Act on February 13, 2013. The changes went into effect on February 14, 2013.

What are cooperative housing societies, according to the Maharashtra Cooperative Societies Act

The purpose of a housing society, under the Maharashtra Cooperative Societies Act, is to offer its members with open plots, flats, and apartments, as well as shared facilities and services.

Housing societies classified under the Maharashtra Cooperative Societies Act

Housing society based on tenant ownership

These are housing societies with the goal of allocating plots or flats on a land parcel controlled by the society on a leasehold or freehold basis, while the dwellings are owned by the members.

Housing cooperative for tenants

These housing societies aim to provide flats to their members while owning either the land or the building on a freehold or leasehold basis.

Additional housing cooperatives

Which include home mortgage cooperative societies, house building cooperative housing societies, and facilities cooperative societies with all units being workplaces or commercial establishments.

Maharashtra Cooperative Societies Act: Rules for Cooperative Housing Societies Registration

A housing society cannot be formed under the Maharashtra Cooperative Societies Act except at least five people from different families or at least 51% of the total number of flats qualifying to become members under this Act join the housing society’s registration proposal.

In cooperative housing associations, plots, apartments, or homes are assigned by lot.

The legislation requires that land, flats, houses, or other dwelling units be allotted to members by the committee of a housing society, completely by lot, unless there is a contract to the alternative.

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.

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