Maharashtra’s Cooperative Societies to See Biggest Rule Changes in Years

Image Source: Housing Society Times

If you live in a cooperative housing society in Maharashtra, there are some important updates on the way. The state government is working on new rules that could make life a bit easier for residents and help societies run more smoothly. Here’s a quick rundown of what’s coming:

The interest rate on late payments is set to drop from 21% to 12%. This should take some pressure off anyone who’s fallen behind on their dues.

Societies will soon be able to borrow up to ten times the value of their land for redevelopment projects. That could open up more options for upgrading or rebuilding older buildings.

Annual General Meetings can be held online, which is a big help for busy members. There’s a new rule about attendance: at least two-thirds of members or 20 people (whichever is less) need to join. If that doesn’t happen, the meeting can be rescheduled within a month without worrying about a minimum turnout.
For big decisions like redevelopment, at least 51% of all members must agree, including those attending virtually. These meetings will also need to be recorded on video.
If a member passes away, their nominee or heir can now take part in meetings and vote until their membership is officially transferred.
Maintenance charges will be more standardized. Everyone will pay equal common service fees, and water charges will depend on the number of taps in each flat.
Societies will need to keep funds aside for repairs and future maintenance.
Commercial shops and businesses will be officially included in society decisions, especially when it comes to redevelopment.
The registration fee for new societies will go up from ₹2,500 to ₹5,000.

The government is still taking feedback, so some details may change. But overall, these updates are meant to make things clearer and fairer for everyone living in a cooperative housing society.

Source: Hindustan Times, Times of India, CSLawship