Owning an apartment or property in society has several duties, the main one being the protection of the property and the avoidance of exploitation or unjust usage. Several Indian apartment or property owners are not fully aware of their legal rights. I have shared the rule of ownership of flats in housing society below for your reference.
Ownership Rights in a Society Flat in India
Various laws and regulations govern ownership rights, including the Co-operative Societies Act and the Societies Registration Act. You can check some key rights below:
In a housing society, individual flat owners hold shares in the society. This means that while you own your flat, you also have a stake in common areas and facilities of society.
As a member of society, you have certain rights. Some include the right to vote in society meetings, the right to inspect society records, and the right to participate.
You must adhere to the society's guidelines for transferring ownership if you wish to sell your apartment. This often entails revising the society's documents, paying transfer fees, and getting approval from the governing committee.
Society members maintain their flats and common areas. The society's managing committee oversees maintenance and repairs, and members must pay maintenance fees.
Each society has its own set of bylaws and regulations that govern the rights and responsibilities of its members.
I hope you found this helpful.
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Co Operative Housing Society Rules for Members
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Hi,
Typically, after the builder begins a project, he enters into a sale agreement with the buyer. Under this agreement, the builder builds the apartment using the buyer's funds, making the apartment the buyer's property because it was paid for with his money. The builder then transfers the land into the name of the newly formed Housing Co-operative Society, which subsequently issues share certificates to the buyer for the proportionate share of the land. By following this process, the buyer acquires both the apartment and the undivided proportionate piece of the real estate. The builder agrees in the contract to grant use of accoutrements and extensions; ownership of these items is not granted; just use of the items is granted.
So, the entire ownership of the flat under a cooperative housing society falls under the buyer only.
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Authors Of The Question
What are the Ownership Rights in a Society Flat?
Rohan
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2 Answers
2 Year
2022-06-21T11:52:18+00:00 2025-01-22T11:32:03+00:00Comment
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