Government will bring new rules for Mumbai’s co-operative housing societies, all these benefits will be available including interest rebate
With Mumbai There is good news for people living in co-operative houses across Maharashtra. The government is bringing new rules for co-operative houses. Let us tell you that the Maharashtra government is going to change many rules related to these co-operative housing societies. According to the information received, to simplify the rules of the Housing Society and to reduce government intervention, the state government is preparing to introduce new rules for cooperative housing societies. The new draft rules propose to reduce the interest on the outstanding of members from 21% to 12%, enable societies to be able to take a loan up to 10 times the cost of land and reduce the maintenance charge.
Not only this, a provision of virtual participation has also been made in AGM. However, the presence of two -thirds or 20 members, whichever is low, has been made mandatory. The decisions taken in the AGM should be passed by 51% of the total members, including members participating online. Video recording has been made mandatory for the meeting convened for redevelopment.
70% Housing Society in Mumbai Metropolitan area
Maharashtra has around 1.25 lakh housing societies, of which 2 crore people live. About 70% of these societies are in the Mumbai Metropolitan area. The provision of commercial institutions and shops has been added to the drafts of the new rule coming for the Housing Society, so that they can become integrated part of the society and help them to get their proper part in redevelopment. Similarly, a category of ‘provisional members’ has been added, which will give voting rights and membership to the nominees after the death of the members, until they are officially given the status of a member.
Right to subscribe
In the new rule, the society has also been empowered to enroll and subscribe to the legal heirs after the death of the members. The rules stated, “However, it will not have any right to property, title or ownership. The society must follow the process of transferring the title to the legal heir.” The draft notification states that water fee should be divided equally based on general service fees in flats and number of taps in flats. The draft states, the minimum of 0.25% of the syncing fund construction cost and the repair and maintenance fund should be 0.75% and it should be collected annually.
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