According to the latest update in the FAQs by the Department of Cooperation, the cooperative housing society cannot charge any fee or donation for transfer of membership from the transferor/member.
This is the latest update from the previous position, where, the society could charge upto 0.5% of the sale value in terms order no. 2522 dated 23.6.2003 of the Cooperation Department.
However, according to the latest update, it is evident that the society cannot charge anything extra and if they do, then the member/transferor or transferee must immediately bring this to the notice of the Registrar.
Please check more details here: http://coopwb.org/faqs.php
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can bank loan be availed for purchase of shares in housing co-operative society and what will be the basis for loan whether it is purchase value at the time of allotment of shares of the present market value of the property.
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Yes Bank loan can be availed for shares in housing society. Depends on the valuation by the bank. For more detailed analysis email me details to chenoyceil@gmail.com. Thank you.
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Myself and my father-in-law have two separate flats (registered) in the same cooperative society. My father-in-law made my wife as the only nominee for his flat in the society. My father-in-law died very recently. Now my wife wants to apply for the membership of the society and inherit the flat as nominee. In that case myself and my wife will own two flats in the same society. Does it violate the clause that members of the same family can not own flats in the same (or in the same area) cooperative society? But she is getting it by inheritance by virtue of nomination. Please comment and advice. How to write her affidavit (regarding the clause of same family members) while applying for her membership in the society?
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Hi since she inherited the property, there shouldn’t be any problem. The affidavit should mention she is owning the property by inheritance and the rules of owning two flats shouldn’t be applicable. Email me to chenoyceil@gmail.com with further details.
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