Cooperative Housing Society is an organisation that is formed with the help of cooperation and consent of the members including in a specific housing society. The members have the community spirit and camaraderie that is considered independent. The members of the cooperative housing society handle the finance of the society. This is what is cooperative housing society meaning.
What are the benefits of the Cooperative Housing Society?
- Affordability
The Cooperative Housing society helps you with financial resources in times of need. With the help of the housing society, you can secure loans at lower interest rates, with minimum downpayment and longer mortgages.
- Democratic management
If you become a member of the cooperative society you will have an equal share just like your members. The society members are elected through the ballot process.
- Secure and Stable Investment
You are totally secure when you are investing in a cooperative housing society. And you don't need to stay forcefully in cooperative housing societies if you don't feel like it as long as you wish to. Also, you can lease it or rent it by generating revenue.
- Shared Responsibilities
In a cooperative housing society members are given specific responsibilities such as major repairs, modifications, insurance and replacements. These responsibilities should be taken seriously and they should also be executed on time. Every member is required to pay maintenance charges to execute the responsibilities.
- Better amenities
A cooperative housing society provides many amenities to its members. The amenities include a swimming pool, spacious parks, and club membership etc.
I hope you understand now the
housing society meaning.
Read more:
How To Register Cooperative Society In India?
How To Dissolve A Housing Society Managing Committee?
Who can become committee member of housing society?
Who cannot become committee member of housing society?
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Authors Of The Question
What is cooperative housing society?
Nandu
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2 Year
2021-12-29T17:45:34+00:00 2021-12-29T17:47:29+00:00Comment
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