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Society Formation

Last updated: July 27 2014
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  • Society Formation

    Hello,
    Ours is a new construction with possession period started from last couple of years. Now, our builder is asking us to sign society registration forms. He wants to hand over society matters to us. However, he has taken corpus fund from all of us for the period of 3 yrs. Based on that, I have certain queries.
    1) According to the builder, he has submitted papers to the municipal council for the completion certificate. And as per him, once he gets that, he will form the society. Now, can he do that? Is it okay to form a society before the maintenance period from the builder is completed?
    2) He will be doing a conveyance deed. Is it okay, if we can go ahead with it?
    3) Most of the members are of the opinion: Unless and until, he completes the work as per promised amenities, we should not be signing the form. Can builder force us to sign the papers?
    4) Will there be any deduction in the amount taken as corpus fund at the time of society transfer?
    5) How should be calculate the period of 3 yrs mentioned as per the builder for society maintenance? As per one of his representative, it is from the date of flat purchased?
    6) He still has one of his constructions under process in the premises?
    7) Every member has different booking and possession date? How will the period will be calculated?
    8) How many percentage of members would be required to form a society? Around 70% owners are the investors.
    I know these are lots of queries, however, we all are confused to move ahead in any direction on this matter.
    I will appreciate, if I can get answers to these queries.
    Thanks and regards,
  • #2

    #2

    Re : Society Formation

    Answers
    1) Builder is at liberty to form society when 60% of flats are sold.
    There is no binding that he has to wait till maintenance period is to be completed.
    He can hand over balance of funds along with paid vouchers.
    2) Be happy the builder is willingly doing conveyance.90% of societies do not get conveyance deed done in time.Conveyance deed in favour of registered society is a vital document.
    4)No.
    5) Mutually agreed date with compromise from both sides will be necessary.
    6) All members have to sign.
    Read up the MOFA 1963,Coop societies act and model bye laws.

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