SAHAKARSUTRA

2012 IS INTERNATIONAL YEAR OF CO-OPERATIVES In the passing of Resolution A/RES/64/136, the UN General Assembly declared 2012 as the International Year of Co-operatives (IYC) highlighting the contribution of cooperatives to socio-economic development, and  in particular, recognizing their impact on poverty reduction, employment generation and social integration. The declaration of ‘International Years’ by the UN is a move to alert consciousness to the major issues of concern and to encourage action by potential key players. In this regard, the International Year of Cooperatives has three main objectives: To increase public awareness about cooperatives and their contribution to socio-economic development and the achievement of internationally agreed development goals, To promote the formation and growth of cooperatives for socioeconomic empowerment; and To provide an enabling environment with policies, laws and regulation conducive to the formation, growth and stability of ...

In Mumbai, rising costs and lack of space make it unfeasible for residents to move out of aging and often sadly dilapidated housing societies. Not surprisingly, redevelopment has become a central concept – and the subject of increasingly heated debate. Many of Mumbai’s older housing societies are showing signs of serious neglect. There are distinct safety and security issues and a complete absence of modern amenities. In this scenario, redevelopment is a sensible, viable, long-term solution – in fact, often the only solution. However, while many developers sell the dream of redevelopment to housing societies, there have been several cases where the dream has turned into a nightmare for the families who reside in these societies. Though I will not name them, there are some rather prominent banners among the developers who have defaulted on their redevelopment promises. It is quite evident that selecting a dependable and trustworthy builder who is familiar with and knowle...

INFORMATION ON INTERNAL AND EXTERNAL REPAIRS The Managing Committee of a Society is required to carry out all kinds of structural repairs inside and outside the flats at society’s cost when the repairs are structural in nature and shall affect the stability of the building. Otherwise, a member is required to maintain his flat in good condition. If a member fails to do so, the Managing Committee has the power, as per bye-law no. 68, to carry out the repairs at the member’s cost. As per Section no.66 of the MCS Act, the society has to create a reserve fund. Also a Repairs and Maintenance Fund and a Sinking Fund are created at rates fixed by the General Body subject to a minimum 0.75 % per anum in case of repairs and maintenance fund and a minimum of 0.25 % per anum in case of sinking fund. Depending on the total number of members, the committee has the financial powers to incur expenditure for minor repairs viz. pipeline damage, drainage, electrical fittings etc. However for...

CO-OPERATIVE HOUSING SOCIETIES REGISTRATION 1.       What is the minimum number of promoters required to join the registration proposal? Ans:-      60% of the flat purchasers/ promoters are required to join the registration proposal if building is constructed by builder/developer.          90% promoters are required to join the registration proposal for society of open plot type category. 2.      What is the minimum number of promoters required to sign the registration proposal ? Ans:-      60% of the promoters who have joined the registration proposal are required to sign it. 3.       Whether Co-operative Housing Society having less than 10 units can be registered ? Ans:-     Cooperative Housing Society having less than 10 units can be registered subject to the ...