Cooperative Housing Society Registration & Handover | Clear-Line Society Accounting Services

What is Cooperative Housing Society & how it is Registered?

A society aimed at promoting the economic interests or general welfare of its members or the public, following cooperative principles, can be registered under the Maharashtra Co-operative Societies Act, 1963, and Rule 8 of the Maharashtra Co-operative Societies Rules, 1964. Additionally, societies formed to facilitate the operations of such organizations are also eligible for registration under these laws.

A co-operative society is ideal for managing a residential building, as flat owners share common needs such as security (watchmen), water connection, and the maintenance of common areas like the compound and terrace. If you’ve purchased a flat in a new building, it’s advisable to take part in forming a society. In fact, the builder may be legally required to form a society. Under the Maharashtra Flat Ownership Act, 1963, a builder must establish a society within four months of selling 60% of the flats in the building.

Clearline HSG Society Accounting Services simplifies the Housing Society registration process for society members. We handle all the legal procedures related to society or apartment registration, society formation, and the handover process. Additionally, we offer township consultancy and society handover consultancy, ensuring smooth transitions for all parties.Our unique approach to society registration and handover helps society members meet their legal obligations efficiently.

Documents required for Housing Society Registration

Below is the List of Documents required for registration of Flat owner’s Housing Society:

Application Form – Duly filled and signed application form for registration.
List of Founding Members – At least 10 in Maharashtra.
Proof of Identity – Photocopies of Aadhaar Cards or PAN Cards of all founding members.
Proof of Address – Address proof of all founding members (e.g., utility bills, passport, etc.).
Society's Memorandum of Association (MOA) – A document outlining the objectives and functions of the society.
Builder’s No Objection Certificate (NOC) – If applicable, a NOC from the builder or developer confirmation
Society's Rules and Regulations – The internal rules governing the society's operation.
List of Members – A list containing the names and addresses of all the members of the society.
Agreement of Sale/Title Deed – Proof of ownership of the land or property where the housing society is situated.
Utility Bills – Copies of recent electricity or water bills for the building.
Bank Details – A bank account in the name of the society (if opened).
Minutes of the First Meeting – Documentation of the first meeting where the society formation was discussed.

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Pre-Handover Preparation

Occupancy Certificate (OC): Ensure builder has obtained OC from municipal corporation
Completion Certificate: From local planning authority
Environmental Clearance: If applicable
Fire Safety Certificate: From fire department

Documentation for Handover

A. Property Documents

Original Sale Deed/Conveyance Deed: In favor of the society
Title Documents: Clear chain of title
Survey Settlement Records: 7/12 extracts, property cards
Approved Building Plans: Sanctioned by local authority
Layout Plans: With proper demarcations
Commencement Certificate: From local authority

B. Completion Certificates

Occupancy Certificate (OC)
Completion Certificate
Structural Stability Certificate
Water and Sewerage Connection Certificates
Electrical Safety Certificate

C. Maintenance and Utility Documents

Asset Register: Complete inventory of common assets
Maintenance Manuals: For elevators, generators, pumps
Warranty Documents: For all equipment and systems
Utility Connection Papers: Water, electricity, gas connections
Insurance Policies: For the building and common areas

3. Financial Handover Documents

Maintenance Fund Transfer: As per agreement
Sinking Fund: For future repairs and maintenance
Utility Deposits: Transfer of security deposits
Outstanding Bills: Settlement of pending dues
Bank Account Details: For society operations

Important Precautions During Handover

1. Legal Verification

Title Verification: Engage qualified lawyer for title search
Encumbrance Check: Verify no legal dues or disputes
Compliance Check: Ensure all approvals are genuine and valid
NOC Verification: From all relevant authorities

2. Physical Inspection

Structural Audit: Conduct thorough structural inspection
Quality Check: Verify construction quality and specifications
Safety Systems: Check fire safety, electrical systems
Common Areas: Inspect all amenities and facilities

3. Financial Due Diligence

Outstanding Verification: Clear all builder's outstanding dues
Tax Compliance: Ensure property taxes are updated
Utility Bills: Verify and clear all pending utility bills
Maintenance Funds: Ensure adequate funds for initial operations

4. Documentation Checklist

Original Documents: Ensure all originals are handed over
Registered Documents: Verify registration of important deeds
Compliance Certificates: Check validity periods
Handover Protocol: Maintain detailed handover minutes

Post-Handover Procedures

1. Society Operations

Committee Formation: Elect managing committee
Bank Account Opening: Open society bank accounts
Bye-law Implementation: Adopt and implement bye-laws
Maintenance Planning: Establish maintenance procedures

2. Regulatory Compliance

Annual Returns: File with Registrar of Cooperative Societies
Tax Registrations: Obtain necessary tax registrations
Audit Compliance: Arrange for annual audits
Record Maintenance: Maintain statutory books and records

Key Timelines

Name Approval: 7-15 days
Registration Process: 30-60 days
Handover Process: 60-90 days (varies based on complexity)

Common Challenges and Solutions

Document Deficiencies: Maintain comprehensive checklist
Builder Non-compliance: Legal recourse through agreement terms
Member Disputes: Proper communication and transparency
Regulatory Delays: Early application and follow-up

Conclusion

The formation of a Cooperative Housing Society and handover from builders is a complex process requiring careful attention to legal, financial, and technical aspects. Engaging qualified professionals including lawyers, chartered accountants, and technical experts is advisable to ensure smooth transition and protect members' interests.