Quresh Taiyebi (Service) 24 August 2009

Premium Amount in Co-op. Housing Soc.

Hi all respected experts,

As per new model bye-law No.38 (e) (ix), can a co-op. housing society within the municipal corporation areas in Maharashtra collect an amount of Rs. 25,000/- as a premium (which, I believe, has been fixed vide the circular from the Department of Co-operation, Government of Maharashtra) for the transfer of the property without getting it approved by the General Body Meeting? If no such resolution is passed, can a transferee apply for the membership of the society simply by paying Rs.500/- as transfer fee and Rs.100/- as entrance fee and still get the NOC from the society for housing loans purposes?

Your guidance will be highly appreciated.

Reply Follow

1 Replies

aruntrivedi (lawyer) 24 August 2009

As per model bye-laws and norms fixed by Co-operataive Registrars they can collect premium from new member entering and incumbent shall only member after paying of his entrance fee and amount of shares , then a resolution shall be passed at Working Committee with respect to his membership and transfering him concerned property in his name his name shall be mutated in membership registere and also in share certificate after resolution is passed. You will have all rights as may be available to all members. Merely paying membership and entrance shall not make you entitle for transfer of property - premium payment is must. Hope this explanation will serve yr purpose.