housing-society-funds

LEVY OF CHARGES OF THE SOCIETY

The bye-law 65 provides the provision for contribution to be collected from the members of the society towards outgoings and establishment of its funds, referred to in these bye-laws as ‘charges’ may be in relation to the following: Property taxes Water Charges Common Electricity Charges Contribution to Repairs and Maintenance Fund  Expenses repairs and maintenance Read more about LEVY OF CHARGES OF THE SOCIETY[…]

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Electrical & Fire Audit in Housing Society – is this Mandatory?

Why do we need to conduct “Electrical Audit” in housing society? Is this really a mandatory requirement like conducting a structural audit?   Before we answer this, let us ask ourselves “Are we going to make provision for safety of our family only if there are legal compulsion to do so or we should make Read more about Electrical & Fire Audit in Housing Society – is this Mandatory?[…]

deemed-conveyance

Deemed Conveyance

MEANING OF DEEMED CONVEYANCE: … In the legal sense Conveyance refers to the transfer of ownership or right, title & interest in the property to the other party. Conveyance Deed is a document executed to transfer the title of land and building in favour of Society or Association of Persons (AOP). The main object of Read more about Deemed Conveyance[…]

Housing-Society-Parking

Parking Problems and Charges in Cooperative Housing Society

In almost every, society the maximum number of fights are over car parking and over charges for car parking. Builders can’t sell still & Open Parking The High Court says that building and premises belong to the societies. The builder can’t sell open spaces or space within stilts for parking. Even if the residents have Read more about Parking Problems and Charges in Cooperative Housing Society[…]

Audit-in-housing-society

Society Annual Audit & Reporting

It’s time for audit! I am sure most of the societies are now busy with connecting / follow-up with their accountant to complete the accounting work of last financial year so as to schedule the annual audit for the last financial year. Before we discuss the some of the key points each society needs to Read more about Society Annual Audit & Reporting[…]

Recovery Process of Housing Society over dues

Housing Society collects the monthly maintenance expenses to ensure that they can manage the housing society works smoothly and to take care of their various common expenses like security, lift maintenance, house-keeping etc. All the members of housing society are expected to pay their maintenance bill on time as and when the same is raised Read more about Recovery Process of Housing Society over dues[…]

Importance of Nomination

Importance of Nomination in various Financial Investments & Savings

We have dealt with the issue of “Nomination in Housing Society” in our previous blog and I am sure it must be of great help. However, a question remains unanswered is what should we do if there we do not have any nomination? The only answer to this is obtain “Probate” or “Succession Certificate” from Read more about Importance of Nomination in various Financial Investments & Savings[…]

Housing society in Mumbai’s Sion suspends managing committee members with more than two kids – Is this constitutional?

Recently Hindustan Times (31st August’2018) reported that three Managing Committee members of Rahat Plaza, Sion were suspended for having more than two children in accordance with the section 73 CA of Maharashtra Cooperative Societies Act, 1960. Wondering why such “Dis-qualification” is not there to become the Member of Parliament? Why there is no amendment in Read more about Housing society in Mumbai’s Sion suspends managing committee members with more than two kids – Is this constitutional?[…]

Ways to tackle property issues with builders

Once the buyer takes a possession of the unit, there is no bigger joy. However, the joy could well be short lived once issues related to documents, maintenance and miscellaneous repairs start cropping up. Despite following up with the builders, most home owners have a hard time tackling the property issues, often leading to conflicts. Read more about Ways to tackle property issues with builders[…]

Consumer Protection Act for strengthening housing societies

What is consumer protection Act? Consumer Protection Act makes provisions to protect the consumers from fraudulent dealings. It guides the consumers with the procedure for safe transactions and helps them get justice when cheated. With the increasing demand and sale of apartments in housing societies, the number of frauds relating to it has been increasing Read more about Consumer Protection Act for strengthening housing societies[…]