In accordance with the Maharashtra Apartment Ownership Act, 1970, the Commissioner and Registrar of Cooperative Societies, Pune, has mandate that maintenance fees be determine base on the size of the housing unit. Continue reading to learn how the homeowners will be affect by the move.
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According to a directive from the Commissioner and Registrar of Cooperative Societies, Pune, maintenance fees for housing units in the state that are cover by the Maharashtra Apartment Ownership Act, 1970, would be determine by the area of the unit. However, apartments register under the Cooperative Societies Act of 1960 are exempt from this requirement.
Which laws in Maharashtra regulate residential units?
In the state, residential properties are govern by the Apartment Ownership Act or the Cooperative Societies Act. This directive would help around 50,000 buildings in the State that are register under the Apartment Ownership Act. However, the more than 1.2 lakh cooperative housing groups in Maharashtra will not be affect by the order.
A cooperative housing society: what is it?
A cooperative housing society is an independent endeavor in which homeowners unite to create a community based on shared interests, occupations, or geographic locations, to mention a few. The Cooperative Societies Act of 1960 governs cooperative housing societies, which are especially common in Maharashtra. Self-redevelopment is a key benefit of such a housing society that contributes to timely project maintenance, among its many other advantages.
How will homeowners benefit from the directive?
In the past, the Apartment Act required residents to pay maintenance based on their ownership percentage in relation to the building’s common facilities, followed by a fee per square foot. In cooperative societies, the society as a whole, not just certain individuals, owns the land and buildings. Therefore, regardless of the size of a housing unit, the majority of maintenance fees are distribute evenly among all members. The charges’ components are in accordance with cooperative housing societies’ model by laws.
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