Residents can form their own society now
A lot of buyers find themselves in a fix before buying a flat because the developer does not hand over the project to the tenants despite its completion.
Many factors can be behind this – there might not be a registered housing society, developer may not have received the occupancy certificate (OC) from the civic authorities or it may also be the case that the developer hasn’t yet used the authorized floor space index or does not want to hand over the possession to buyers till he sells his entire units or even worse the developer has not been able to get the OC as he has engaged in illegal activity while constructing the project.
There is a possible solution now to the willing buyer to all the aforementioned problems. If more than 60 per cent of the flats are sold in a project, the residents can form the society on their own.
To form the society, first the residents have to organize a general body meeting of all the flat owners to elect the chief promoter. Then they have to come up with a name for the society and also appoint ad hoc managing committee, electing members to function as chairman, vice-chairman, secretary and treasurer.
Once the registrar allots the name and also grants permission to the society to open a bank account, the chief promoter has to collect the share capital and entrance fee from the promoters and deposit these in the account.
Thus many willing yet weary customers can find a way to ahead buying a flat in spite of not receiving the legal possession.
To read more real estate news:
Housing societies harvest rainwater in Mumbai
Builders must abide by OC conditions – Forum
Source: Economic Times
Floor Space Index, housing societies, Housing Society, legal possession, Occupancy Certificate, Real estate developers and consultants, Real Estate Sector, Realty News
