SAHAKARSUTRA

What is the procedure for recovery of non-payment of dues by a member? A CHS is never formed for making profits instead it collects and disburses the contributions from its members towards common facilities and services enjoyed by its members. It is the duty of every member to pay dues properly & on time for ensuring the smooth functioning of the society. Disputes with the society cannot be mixed or made a reason for non payment. The procedure for recovery of dues is as under: If a member fails to pay the dues after issue of the notice for a period exceeding three months is termed as a defaulter as per the Maharashtra Co-operative Societies Act 1960 and as per Bye-laws of the society. Issue a notice for payment of dues (including up to 21% interest) to the defaulter, with a warning therein that on failure to make payment of the same, an application would be made to the Assistant Registrar/ Deputy Registrar under section 101 of MCS Act, 1960 for recovery of the outstanding d...

This is how the Registrar's office collects information from a society and gives to member..

सर्वच गृहनिर्माण संस्थांच्या निवडणुका पुन्हा प्राधिकरणाने घेण्यास सुरुवात।  नवीन अध्यादेश किंवा विधेयक येईल तेंव्हा येईल। तुमच्या संस्थेत निवडणूक घ्यायची असेल तर आवश्यक नोंदवह्या जसे आय फॉर्म, जे फॉर्म, shares register, shares ledger आदी सर्व नोंद वह्या अद्ययावत करा। निवडणूक घेण्याबाबत निवेदन, इ2, इ3 नमुन्यात मतदार यादी सह निबंधक कार्यालयात जमा करा, निबंधक कार्यालय आवश्यक कार्यवाही करून तुमचे निवेदन निवडणूक  प्राधिकरणास वर्ग करील, निवडणूक निर्णय अधिकारी नेमणूक होईल, निवडणूक अधिकारी निवडनुक कार्यक्रम जाहीर करील, तुमची निवडणूक घेतली जाईल। 7 दिवसात नवं नियुक्त समितीचा अध्यादेश काढला जाईल, तद्नंतर समितीच्या पहिल्या बैठकीत अध्यक्ष, सचिव, खजिनदार नेमणूक करता येईल। अधिक माहितीसाठी संपर्क: दयानंद नेने  अध्यक्ष, सहकारसूत्र  8879528575

http://ficci.in/spdocument/20140/Real-Estate.pdf Information on the approval process for Real Estate Projects in Maharashtra and suggestions to streamline the system - given by FICCI. Please click on the above link to read.

IKEA India will provide ready-to-assemble furniture for around 1,200 apartments in Rustomjee’s project Global City Virar near Mumbai. Global furniture major  IKEA  Group has entered into a strategic alliance with realty developer  Rustomjee Group  to provide furnished apartments in the latter’s residential project. This is for the first time that the Swedish multinational has formed any such alliance anywhere in the world. To begin with,  IKEA India  will provide ready-to-assemble furniture for around 1,200 apartments in Rustomjee’s project  Global City Virar  near Mumbai. The project will offer 1 and 2 bedroom apartments at prices starting from Rs 34 lakh excluding taxes. “This is a pilot project and we would like to extend this association with IKEA across our similar residential projects. We’ll start delivering the project in two years by December 2020,” said Boman R. Irani, Chairman, Rustomjee Group. "Our alliance will deliver Rs 700 crore ...

If you are looking to buy a property or have already invested in one, you will know that there are tax implications involved. We examine the tax on property purchase and how one can save on it, via tax exemptions and deductions The taxation on property purchase, has become much simpler than it was before. With the roll-out of the Goods and Services Tax (GST), several taxes previously applicable on real estate purchase (VAT, service tax, etc.) have been subsumed under this single unified tax system. The overall costs involved in buying a property are broadly divided into two components – the first being the one paid to the builder/seller and other, the statutory and legal costs, to the government. While the former roughly comprises 80-85 per cent of the overall property cost, the remaining 15-20 per cent goes as taxes to the government coffers. The taxes are not the same for under-construction and ready-to-move-in properties. Taxes on under-construction properties Statutor...

After much anticipation, the GST Council has failed to deliver a final verdict on GST applicable on real estate. We examine whether a favourable verdict would have made any meaningful difference Here’s a Utopian vision: the government would announce a Goods and Services Tax (GST) rate cut, home buyers would cheer up since prices would reduce marginally and the market revives. Really? The biggest paradox in Indian real estate is that numbers suggest a massive burden of unsold housing stock, in the midst of a chronic shortage of housing. As long as prices do not reduce significantly, the housing shortage will only widen, regardless of tax sops. What we have today, is a nation of aspiring home buyers, many of whom are perpetually on the fence, waiting for a slew of minor policy windfalls, to cumulatively make a home purchase feasible and attractive. Most cities saw some sales growth in 2018 but the market cannot revive on consistently slow growth – it needs a decisive accelerator...

Looking for the best home loan product, to fund the purchase of your dream home? This article looks at the interest rates, EMI and processing fees offered by the major banks in January 2019, to help you make the right choice With the financial year entering the last quarter and the start of the new calendar year, the focus is back on the fiscal deficit, liquidity issue with financial institutions and NPA woes. In a press conference on January 7, 2019, the RBI governor said that it has already addressed the liquidity issue and if required, it will further take necessary steps. The RBI is also expected to meeting with the  NBFCs , to discuss the current liquidity situation. In the last one month, home loan interest rates have been on a moderately upward trend, with banks like SBI, Axis Bank, Corporation Bank, etc., hiking the rate by around 0.05 per cent to 0.1 per cent for various tenures. Many banks have come up with the offer of ‘zero processing fees’ on home loans, for a ...

Before every annual budget, the real estate sector trots out a highly optimistic (and unrealistic) wish-list to the Finance Ministry. Whether the industry actually expects the upcoming budget to cure all its woes, with a wave of its magic wand, is beside the point. Unrealistic expectations – many completely outside the purview of the Finance Ministry – have become the norm. Single-window clearance, industry status and hiked tax exemptions limits, which will miraculously revive demand for properties, have become the usual suspects in such wish-lists. Under such circumstances, there is a need to be rational in our expectations from an interim budget, which is announced shortly before the general elections. Though the larger ‘acche din’ premise is debated to the present day, the first union budget under the Modi government in 2014, was certainly a harbinger of change for buyers and builders. Tax payers’ exemption limit was increased after a decade of forlorn waiting. During the govern...

DOCUMENTS TO BE EXECUTED AND SIGNED FOR TRANSFER OF SHARES IN A CO-OPERATIVE HOUSING SOCIETY On entering into an Agreement for the sale of purchase of Flat/shop etc. before execution of such sale deed the Transferor is required to prove to the Transferee that he is the true member of the society in which the said Flat or shop is situated . As a proof of his true membership the Transferor is required to produce before the Transferee the following documents : I ) Original and copy of the Purchase Deed with society/with Builders. II ) Original and a copy of Share Certificate. Original and a copy of latest society’s bill, Original and a copy of Best Bill, Original sinking fund certificate if any, Pass Book issued by the society, Only after going through these records and on satisfaction of the true membership of the Transferor. The transferee agrees to sign the form No. 20-B to be filed before the society for its No Objection to admit the Transferee as its member. On obtaining no obj...

When a Co-operative Housing Society of the new building is registered, then its newly elected managing committee issues share certificate to each of the flat, shop, closed garage or go-down, in the society's building. As per new Bye-laws 2014, each of the premises, irrespective of the area or type of the premises, should be issued ten shares of Rs50 each, in one share certificate. Share certificate issued to the member (that is, when new society is registered, and each premises of the society's building is issued the share certificate) for the first time, share certificate is freshly issued. All fresh shares certificates are in a share certificate book, consisting of 25 or 50 or 100 share certificate each, with counter foil, in which all the details of share certificate to be issued is copied ditto. The information of share certificate is, share certificate number, share distinctive numbers (that is, from share number x to share number y, total 10 shares), name of the flat hol...