Re: Project on Co-operative Housing Society -
June 2nd, 2015
Definition of cooperative housing:
An arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all the residents. The individual participants own a share in the cooperative which entitles them to occupy an apartment (or town house) as if they were owners, to have equal access to the common areas, and to vote for members of the Board of Directors which manages the cooperative. A cooperative differs from a condominium project in that the owners of the condominium units actually own their airspace and a percentage interest in the common area. In a cooperative there are often restrictions on transfer of shares such as giving priority to other members, limits on income or maximum sales price.
There are numerous of issues in Co-operative Housing Society such as Builder not sharing the amounts received from allotment of hoardings, installation of mobile tower on the societies terrace, Society not allotting car parking space to members and so on..