Maharashtra Government to Introduce New Rules for Cooperative Housing Societies
Image Source: Hindustan Times
The Maharashtra government is set to introduce new rules for cooperative housing societies, aiming to simplify rules and reduce government interface. The draft rules propose several key changes, including:
- Reducing interest on members’ dues from 21% to 12%
- Enabling societies to raise loans up to 10 times the land cost for redevelopment
- Fine-tuning maintenance charges
The draft rules also provide for:
- Virtual participation in Annual General Meetings (AGMs), with mandatory attendance of two-thirds or 20 members, whichever is less
- Decisions to be passed by 51% of total members, including those attending online
- Mandatory video recording for meetings called for redevelopment
Other notable provisions include:
- Inclusion of commercial shops in societies, enabling them to be an integrated part of the society
- Provision for ‘provisional members’ to give nominees voting rights and membership after the demise of members
- Empowerment of societies to give nomination and provisional membership to legal heirs after the demise of original members
The draft rules also specify that common service charges should be divided equally among flats, and water charges based on the number of taps in the flats. The sinking fund should be a minimum of 0.25%, and the repair and maintenance fund 0.75% of the construction cost, to be collected annually.
The government aims to finalize the rules after incorporating suggestions and objections, and then notify them after vetting by the law and judiciary department.
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