It would be better that you register the association under KAOA act now itself so that you dont face problems in future. The hardships you may face to cancel the registration done under KSRA and to register under KAOA at a later date would be mush more problem then.
The Karnataka Societies Registration (KSRA) Act of 1960 and Karnataka Apartment Ownership Act (KAOA) of 1972 have 6 notable differences amongst them. They are as follows:
1. Eligibility / No. of Persons
KSRA – 7 members who are above 18 years can get the association registered.
KAOA – 4 apartments to form a building. All the owners have to come together to get the association registered.
KSRA – • Application
• Proceedings of the first Meeting;
• Memorandum of Association;
• List of members of Executive Committee with name, address, occupation, age and signature; and
• Bye-laws of the Association
KAOA – • Year of Construction of the Apartment Building.
• Sanction Plans, Approval Plans and Occupancy Certificate of the Apartment Building.
• Declaration and Deed of Apartment made in respect of every apartment contained in the building forming part of the property together with a memorandum. This can be done in a single Deed listing out all the apartments
• Khata to be changed in the name of the owner (s)
• Sale Deed/s of the Land on which the Apartment Building exists.
• No. of Owners in the Apartment Building and Sale Deeds of such owners.
• Prospective name of the Apartment Association/ Society.
• No-Objection Certificates from local Bodies.
3. Time of Registration
KSRA – The moment 7 members above the age of 18 years consent becoming members, and registering the Society/ Association.
KAOA – Only when all the owners are present and come together with their consent.
4. Authority –
KSRA –• Registrar- officer appointed by the State Government;
• where no such officer is appointed, the Inspector General of Registration in Karnataka.
KAOA –Jurisdictional office of the Sub Registrar
5. Annual Compliance
a) General meeting: Every society registered under this Act shall hold every year a general meeting called the annual general meeting at which: report of the management of the society for the previous year, audited copy of the balance sheet, income and expenditure and account and the auditor’s report shall be submitted for approval.
b) The first annual general meeting shall be held by a society within 18 months of its registration. The next annual general meeting of the society shall be held within 9 months after the expiry of the first annual general meeting.
KAOA –No Annual Compliances mandatory under the Act. However, governing powers need to be captured under the Bye-laws of the association.
6. Stamp Duty and Fees
KSRA –a) For Registration of Memorandum of association and rules and regulations of Society under Sub-section (1) of section
i) if society is situated within Bangalore Metropolitan Regional Development Authority limits: Rs. 1000/-
ii) if society is situated in any other area: Rs. 500
KAOA –Stamp Duty will be ascertained upon production of the Declaration of Deed and other documents prescribed above.
You members can sit together, discuss the pros and cons and decide what best can be done on this.
However there is niothing wrong in registering the same under KSRA too.