Forming a housing society is important and easy. It brings the control over everything in the building, collectively in the hands of the residents from that of the developer.

In some states, ten flat-owners desiring to form a society can do so or otherwise as per law; the builder must form a society within four months of selling 60% of the flats. If the society is not formed, rights to the terrace and the compound continue to rest with the builder.

To register a housing society you need to submit an application with the bye-laws and names of the promoters along with the registration fees to the Registrar. Each housing society has a share capital, which will be paid equally by the residents of the society, regardless of the size of the flat. The member receives a share certificate in this regard.

For proper functioning of the society, it charges the members with a certain amount at regular intervals of time. Here we enlist all the possible charges that a co-operative housing society can impose on a resident, along will all the details. The society can charge you for,

Property Taxes

Property taxes should be apportioned between each member on the basis as fixed by the Local Authority.

Water Charges

Water charges should be apportioned between each member based on the total number and size of inlets provided in each flat.

Repairs and Maintenance

Repair and maintenance charges should be apportioned at the rate fixed at the general body of the society.

Lift Expenses

Expenses on repairs and maintenance of the lift should be apportioned equally between houses, irrespective of the fact whether they use the lift or not.

Service Charges

Service charges should be apportioned equally between houses based on the number of flats.

Parking Charges

Parking charges should be apportioned at the rate fixed by the general body of the society.

Insurance Charges

Insurance Charges should be apportioned based on the built up carpet areas of each flat.

Non-Agricultural Tax

Non-Agricultural Tax should be apportioned based on the built -up carpet area of each flat.

Read all about Co-operative Housing Societies here