Mumbai

Maharashtra: Housing societies' managing committees must provide info or pay fine

 

With the Maha state cabinet on Tuesday approving the addition of a new chapter to the Maharashtra Cooperatives Act, 1960 to deal exclusively with issues related to co-operative housing societies, it is now going to be difficult for the managing committees of co-operative housing societies to withhold information from members. Failure to provide the information sought could result in a Rs 25,000 penalty. No personal information about a member can, however, be sought. 

 

While the Act requires at least ten members to form a co-operative society, it will now be amended to allow a minimum of five members to form a CHS, said officials. The government will issue an ordinance for the same within a month, said officials.
The move holds much importance for co-operative housing societies because they constitute 40% of all co-operatives in the state, numbering around a lakh. Nearly 70% of these housing societies are in urban areas. 
 

Written by The Realty Paper


No comments yet

Leave a Comment

Your email address will not be published. Required fields are marked*