Apartment Vs. Society

Dear Ajay,  Yes, you can form the society as 10 members are available with you.  You have to convene meeting of all the members and elect among yourself a Promoter.  Then there is a prescribed application form for reserving the name of the Society which you will have to fill giving details of names of all the flat holders and signed by all.  Then you will have to seek permission for opening account in the name of the society and make contribution as required by law from all the members.  The difference between the society and apartment is that in society, it is the owner of the property and all the flat holders are its tenants.  All the flat holders have equal share in the property of the society.  Nothing is reserved for anybody.  In Apartment, the share of the flat holder is different as per his area of occupation.  There can be reservations by the members such as parking, common terrace and easement rights.  Also, if there is any excess FSI available, or would be available, builder can reserve it for himself and utilise it at any other place.  Regards.  Adv. Deepak  ddkharpudikar@indiatimes.com

Dear Sir,

Thank you very much for the helpful information.

I have some more questions.

1. Can we form Society before the completion. Builder has not got the completion certificate from the Corporation yet.

2. Builder has taken 80000/- from every member for MSEB, Apt formation, legal charges etc.

He has not segregated the amout requried for MSEB and Apt. formation. 

Can we force builder to form Society at his expenses(which we already paid)? Can we issue legal notice to builder to form society?  Builder said that if you form socitey he will not sign on the document.

3. What is Conveyence?

Builder has sold covered car parking to every member in the building. Only drive way, lift, staircase are the common thing. 

Thanks in advance.

regards,

Ajay