By Team MyGate
How to Form a Co-Operative Housing Society in Mumbai
By Team MyGate
Mumbai has over 100,000 co-operative housing societies, after factoring in those registered in the adjoining areas of Navi Mumbai, Thane and Kalyan. The number is only likely to grow as the city continues its expansion, and with good reason. The framework is a smart way for residents to collectively govern the activities, bills and infrastructure of their apartment complex or gated community.
If you live in a new development in Mumbai, you’re probably interested in forming a co-operative housing society. In this article, we will tell you all you need to know about registering a housing society, the steps involved, the costs as well as why and when you should do so.
Procedure For Forming A Housing Society in Mumbai
The procedure for registering a society in Mumbai is relatively straightforward, with little or no scope for misinterpretation. Follow this step-by-step guide to forming a co-operative housing society in Mumbai.
1. Selection of Chief Promoter: To begin with, the law states that at least ten promoters (persons who have signed the application for registration of the society) are needed to form a housing society. A provisional committee selects a Chief Promoter in the first or subsequent meetings.
2. Naming The Society: The promoters then have to decide the name of the society.
3. Submission of Application: The application is submitted to the Registrar stating the intention to form a housing society with the proposed name of the society along with the form for selecting the Chief Promoter.
4. Opening of Bank Account: Once the name approval is obtained from the Registrar, the Chief Promoter must collect the entrance fees and share capital from the members, after which a bank account in the name of the society is to be opened in the branch of the bank permitted by the Registrar. This step has to be completed within three months of receiving name approval. This amount cannot be withdrawn unless the registration procedure is complete.
5. Documents For Housing Society Registration: The application of registration needs to be made with a set of required documents including but not limited to:
– four copies of the bye-laws, bank balance certificate
– list of promoter members declaring share capital and entrance fees paid by each
– detailed information about the workings of the society
– declaration form regarding compliance to the laws
– statement of accounts
– affidavits and certificates from architect and advocate
– indemnity bonds
– 7/12 extract
– any other documents that may be required by the Registrar.
6. Acknowledgement & Verification: Upon application submission, the Registrar issues a receipt of acknowledgement of the submission and gives it a serial number. Upon verification, the Registrar decides if the final certificate should be granted to the applicants.
7. Notification of Registration: The Registrar then issues a notification of registration in the government gazette along with the registration certificate to the Chief Promoter and the members. The Registrar completes the full proceedings within two months (or less) from the date of proposal.
8. First General Body Meeting: Thereafter, the First General Body Meeting is called to perform tasks such as electing a Chairman, reviewing and approving statement of account, appointing an Auditor, forming a Provisional Working Committee, etc.
How much does it cost to form a housing society in Mumbai?
– Each promoter member is required to pay a sum of Rs 500 as share capital and an admission fee of Rs. 100.
– A challan (official document) of Rs 2500 is submitted as the Government Treasury Registration Fee.
– A notarized guarantee by the Chief Promoter and Builder Promoter on Rs 100 stamp papers each.
– Advocate fees, if applicable, are to be paid separately in case professional help is obtained to carry out the procedures.
Address & Contact Details of Co-Operative Housing Federation in Mumbai & Thane
Mumbai District Co-operative Housing Federation Ltd.
Address: 103, 1st Floor, Vikas Premises, 11, G N Vaidya Marg, Fort, Mumbai – 400001.
Contact Details: 022-22840134
Thane District Co-operative Housing Federation Ltd.
Main Branch Address: 9, Vilasini, Shivaji Path, Opp TDCC Bank, Thane (W) – 400601.
Main Branch Contact: 022-25332286 / 022-25363277
Bhayander Branch Address: Office No. 1, Building No. 1, Sagar Complex, Jain Mandir Road, Bhayander (East), Thane – 401105.
Bhayander Branch Contact: 022-65278386
Dombivali Branch Address: Sujata Palace, Gala No. 1, Near Nupur Hall, Devi Chowk, Pandit Dindayal Road, Dombivali (West), Thane – 421201.
Navi Mumbai Co-operative Housing Federation Ltd.
Address: Office 303, Big Splash, Sector-17, Vashi, Navi Mumbai – 400703.
Contact Number: 022-2789730
Vasai Taluka Co-operative Housing Federation Ltd.
Address: Swagat Bhavan, Opposite MSEB Colony, Next to Indian Oil, Station Road Vasai (E) – 401202.
Contact Number: 0250-6457586, 0250-2393773, 0250-2393774, 0250-2390171
Is it mandatory to form a housing society in Mumbai?
No. But it is highly recommended that it be formed once there are over 10 members that have taken possession of their homes. If not, it should be done within four months of the sale of the flats in the complex.
Individual apartment ownership sans a co-operative framework leaves you open to some pitfalls, some of which are no claim to open spaces, higher maintenance and upkeep charges, longer court resolutions in cases of disputes, and no control over builder claiming increased floor space index.
A well-run housing society can be a boon to residents, leading to happier communities and possibly higher apartment valuations, too.