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Wednesday, February 15, 2017

Regulator for co-operative housing societies?

Maharashtra government has proposed setting up a separate regulatory authority to oversee housing society affairs and resolve grievances by drafting a separate chapter dedicated to housing in the Cooperatives Act:

1) The new chapter will chalk out guiding principles for dispute redressal and give judicial powers to the regulatory authority so that people don't approach court over minor matters.

2) The mandate of the committee includes exploring effective laws and efficient procedure to help society members achieve the deemed conveyance (ownership) of the piece of land without any hindrance from builders.

3) The notification proposes to completely change the existing norms for housing society elections, besides suggesting a clear-cut guideline for management, conducting repairing works and deal with public grievances in day to day society affairs. It also suggests doing away with old laws that have become redundant.

4) The notification also suggested that the new Act should take care of the needs of not just big housing societies and townships, but also bungalow apartments and open plots.

Click here to read more

Maharashtra Government's Notification:

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2) 5 Objections Against Maharashtra RERA Rules

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1 comment:

  1. Though this is a welcome step for Co-op Hsg societies, what about Apartment Condominium ? Several builders these days are forming apartment condominium (for their selfish interests ofcourse) than co-op Hsg soc.
    One major problem in apartment codominium is even for minor issues like some member not paying maintenance, the matter needs to be taken to civil court rather than being sorted out at District Deputy Registrar or DDR. Society can also seal the flat of defaulter & sell it off to recover maintenance but this is not there in apartment condominium.
    Hope the state Govt also does something to bring apartment condominium at par with co-op Hsg soc.

    Btw, following is an extract from the mail which I received which again indicates to coming big real estate crash -

    A lot of investors had invested in the residential segment with an expectation to make huge profits in 3-5 years of their investment. However, if the current situation persists, this is unlikely to manifest in the future. As every investment comes with a limited ‘holding capacity’, these buyers shall soon face immense pressure to exit from the market and generate returns from their investment. We foresee an end to ‘holding capacity’ by the 3rd and 4th quarter of 2017, which can be termed as the 2nd wave of plummeting property costs,” says Avnish Yadav, Deputy GM-Residential Services, Colliers International India.

    This will in turn push up supplies of homes in the secondary real estate market, the segment that includes resale units. A rise in the number of houses on sale will bring down prices that have already fallen by 30%.