We have been living in a co-operative housing society for the past three years and one of the major advantages of living here is the security. Additionally, living here is an asset when it comes to tax deductions. So, if you’re wondering about the cooperative housing society meaning, keep reading this answer where I’ll share some characteristics of cooperative society along with the procedure of becoming a member.
What is Cooperative Housing Society?
The previous answer has rightly explained the meaning of a cooperative society and being a member of one, I completely agree with the points. In simple words, a cooperative housing society is a membership-based legal entity made of one or more residential buildings. Here are a few characteristics that may help you understand more.
A cooperative housing society is inclusive and open to all, which means regardless of your caste, gender, religion, political or social status, you are welcome to join the space.
Such societies have democratic ownership, which means the cooperatives are run by the people, for the people, and of the people.
Each member in the society contributes equally towards the society’s maintenance.
Another characteristic of a cooperative housing society is that they are voluntary in nature. They are based on the idea of self-help and self-reliance.
Procedure to Become a Member in Cooperative Housing Society
To become a member in a cooperative society, you need to follow some rules.
You have to pay the price of the number of shares needed for admittance and the entrance fee.
You also must give a declaration with respect to any other property you own in the same area.
Before becoming a member, you also need to provide your sources of income
You must provide a certified copy of the stamped agreement you’ve entered into with the builder.
I hope this gives some clarity on cooperative housing society.
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What are the benefits of the Cooperative Housing Society?
- Affordability
- Democratic management
- Secure and Stable Investment
- Shared Responsibilities
- Better amenities
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Shifting, House?
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Lowest Price Quote✔
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City Tempo-Upto 50% Off
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Authors Of The Question
What is cooperative housing society?
Nandu
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3 Year
2021-12-29T17:45:34+00:00 2024-12-31T11:04:01+00:00Comment
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