Regarding my rights as a flat owner

For renting out, RWA need not be a party at all. The agreeent should be between the owner and licensee. However, many societies avoid students

occupying a flat due to common nuisances and prevent unauthorized persons entering the society at odd hours. If you still want to proceed,

get the police verification done for the students, sign and agreement between you and the students and enforce it 

RWA will complain to Police! Hahahaha. Let them do that.

Demands of RWA is illegal. The only law which needs to be complied with, is to get police verification of the Tenants(Occupants) done before letting them your flat. This is mandatory in most cities now and Flat-owners not complying with the said directions of Police/City Administration can be prosecuted under Section 188 of the I.P.C.

Leave-and-License Agreement (or Rent Agreement) is to be entered between 2 parties (i.e.) Flat-Owner and Tenant. If tenants cause problem or disturb peace in the Housing Society or cause any nuisance they can be dealt by taking police action against them by society or any resident of the Society. Apart from that they can't ban anyone on mere presumption.
Many housing societies pass resolution banning renting out of flats to Bachelors, Students or non-Family persons. Such resolutions are grossly illegal and contrary to the law of the Land. However, get your rent agreement registered (duly stamped on payment of Stamp Duty) which will recogonize the legality of the agreement.
If society still objects or causes obstruction, then send them a legal notice stating that you will prosecute Housing Society for loss of monthly rent for the entire period of obstruction.
Try this legal notice thing, Housing Society will mostly likely budge.

Good Luck.