What is the difference between Cooperative Society and Housing Society?

A registered society is a legal entity with certain limitations. However, members of a cooperative society get together to promote the economic interest of their members. They have to submit viable business plan of the cooperative before registration. These two prerequisites are not present in a society.

What are the advantages of cooperative housing?

The main advantage of purchasing a co-op is that they are often cheaper to buy than a condo. Co-ops are typically more financially stable. The instance of foreclosure is rare. Co-ops are typically going to be a higher owner occupancy rate.

What is the main objective of cooperative society?

The main purpose of a Co-operative Society is to provide service to its members. For example, in a Consumer Co- operative Store, goods are sold to its members at a reasonable price by retaining a small margin of profit. It also provides better quality goods to its members and the general public.

What are advantages of cooperative society?

Economical Operations- The operation of a cooperative society is quite economical due to elimination of middlemen and the voluntary services provided by its members. 7. Government Patronage- Government gives all kinds of help to co-operatives, such as loans at lower rates of interest and relief in taxation.

Are cooperatives a good investment?

With double digit annual property value gains like that, it comes to no surprise that coops have made an excellent investment for those that have bought into them and continue to be a great opportunity for those looking to enter the market.

What are the objectives of housing cooperative society?

A housing cooperative is neither a public nor a profit seeking organisation. Its principal objective is to eliminate economic exploitation as it is controlled by members only. Contrary to public housing, cooperative housing provides opportunities to its members to control the house designs at the planning stages.

What are the advantages of cooperative society?

The advantages of a cooperative society have been identified as under:

• Easy to Form: Forming a cooperative society is a no-brainer.
• No Restriction on Membership:
• Limited Liability:
• Service Motive:
• Democratic Management:
• Low Cost of Operations:
• Internal Financing:
• Income Tax Exemption:

What is the importance of cooperative management?

Cooperatives reduce individual risk in much-needed business ventures and create a culture of shared productivity, decision-making and creative problem-solving.

What is the main aim of cooperative society?

A co-operative society is a voluntary association of individuals having common needs who join hands for the achievement of common economic interest. Its aim is to serve the interest of the poorer sections of society through the principle of self-help and mutual help.

What are the benefits of cooperative housing societies?

Every member of a cooperative housing society enjoys equal rights and privileges. The members of the office bearers are elected unanimously through a secret ballot. If you invest in an apartment inside a cooperative society, your investment is safe and you can rent it out if you don’t live in it.

What are the rights of a member of a housing co-operative?

In return, as a member, you get the right to occupy a housing unit in the society, be it an apartment or a house. A commonly accepted definition states that in a housing co-operative, the members “pursue the same cause of meeting the common need of housing or its improvement based on mutual assistance.”

What are the different types of housing cooperatives?

DIFFERENT TYPES OF HOUSINGCOOPERATIVES Housing cooperatives at the primary level can broadly be classified into four groups as detailed below: Tenant Ownership Housing Societies Tenant Co-Partnership Housing Societies House Mortgage Societies House Construction or House Building 4 Societies 5.

Who is responsible for the maintenance of a cooperative society?

The cooperative shoulders the responsible for repair and maintenance, insurance, annual maintenance of elevators, security guards, water supply and complaints regarding water supply and electricity supply. Every member of society gives the maintenance charges.