FORMATION OF LEGALLY CONSTITUED BODY OF THE OCCUPANTS

Once the project of building or buildings is completed and units are handed over to the respective purchaser; it is necessary to transfer the total ownership of the land to a common body, constituted by the unit holders. Usually the promoter or a builder is supposed to execute the final conveyance of the land title in the name of the common body.

As per the Maharashtra state ownership flat act, a legally consolidated body of the members of that buildings is required to be formed.

Such a common body can be formed as apartment or as a co-operative society. Usually co-operative societies are preferred over apartments.

To form a co-operative society minimum 7 to 11 members are required. A procedure to form a co-operative society of unit holders is as follows:-

  1. The builder initiates the process as the chief promoter alongwith the proposed members of the society.
  2. The chief promoter shall submit an application to the registrar of co-operative societies of the respective jurisdiction with following documents.
    • Title search report of land
    • N.A. order
    • U.L.C. order
    • 7/12 extract
    • Power of attorney or land purchase agreement
    • Y form and Z form
    • Commencement certificate
    • Completion certificate
    • Approved Drawings set
    • List of members
    • Bye- laws book duly signed by proposed members
    • Four alternative suggestive names for the societies.
  3. After scrutinizing the application and the documents the Registrar of the co-operatives issue the Registration certificate mentioning the Registration number and the name of the society.
  4. Alongwith this registration certificate the Registrar issues the permission to open a bank account in district center co-operative bank for depositing the share amount collected from members.
  5. After collecting the share certificate amount in the bank, share certificates are issued in the proportion of five numbers per members.
  6. At this stage, the First Annual General Body Meeting is organized for electing the Managing Committee members; chairman, secretary and treasurer are elected from this Managing committee.
  7. In case, if a builder is chief promoter of society; he can withdraw from the society after completing the above formalities.
  8. The final conveyance of the land title is now executed between the builder and the legally formed co-operative society

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