How many cooperative housing societies are there in Mumbai?

We have 22,000 co-operative housing societies as our members.

What is Cooperative Housing society in Mumbai?

Essentially, a co-operative housing society is a membership-based legal entity made of one or more residential buildings. You become a member by buying shares in the housing co-operative. In return, as a member, you get the right to occupy a housing unit in the society, be it an apartment or a house.

What is the difference between housing society and Cooperative Housing society?

A registered society is a legal entity with certain limitations. However, members of a cooperative society get together to promote the economic interest of their members. They have to submit viable business plan of the cooperative before registration. These two prerequisites are not present in a society.

Who can be a member of a cooperative housing society in Maharashtra?

Eligibility of membership provisions is contained in Section 22(1) of the Maharashtra Co-op. Societies Act, 1960. An individual completing the age of 18, mentally sound as well as competent to contract under Indian Contract Act 1872.

Can family members be members of co-operative society?

Sir no other provisions of the above Regulations restrict or disqualifies member of same family for admission in any cooperative society. The first TEN members must be from TEN families after that there is no bar for two families to join the CHS.

How many cooperative societys are there in Maharashtra?

2.13 lakh co-operative societies
Maharashtra has a huge network of 2.13 lakh co-operative societies, of which about 52 per cent are co-operative housing societies with working capital of ₹3,97,466 crore and deposits of ₹2,10,404 crore.

What is the benefit of cooperative housing society?

A cooperative housing society is owned by the members of the society, who control the entire financial framework of the society. With minimal down payments, lower closing cost and longer mortgage term, cooperative housing societies are affordable than any other independent ownership.

What are the advantages of living in a cooperative housing society?

With minimal down payments, lower closing cost and longer mortgage term, cooperative housing societies are affordable than any other independent ownership. A cooperative housing society is run democratically with every member being a share-holder.

Who is the owner of cooperative societies?

Cooperatives are democratically owned by their members, with each member having one vote in electing the board of directors. Cooperatives may include: businesses owned and managed by the people who use their services (a consumer cooperative) organizations managed by the people who work there (worker cooperatives)

Who Cannot become a member of cooperative society?

1. No person shall be eligible for admission as a member of a co-operative society if he… (iii) he or his spouse or any of his dependent children is a member of any other housing society except otherwise permitted by the Registrar. 2.

How many members should be in a society?

A minimum of seven people is required to form a society. And these societies are governed by the ‘Societies Act, 1860’.