5 key highlights of Maharashtra's proposed housing society rules: 12% interest cap, redevelopment loans and more
According to a report by Hindustan Times, the draft proposals include measures such as reducing interest on members' dues, enabling societies to raise redevelopment loans by linking them to land value, and revising maintenance fee structures.
Here are five key highlights from the draft rules for Cooperative Housing Societies: 1) Lower interest on dues
Maharashtra's draft rules propose reducing the interest on members' outstanding dues from 21% to 12%, easing residents' financial burden. 2) Easing redevelopment financing
According to the draft, co-operative housing societies may be allowed to raise loans up to 10 times the land cost for redevelopment, supporting self-redevelopment or improved negotiations with builders.
Also Read: Maharashtra approves new housing policy after nearly two decades: 5 key highlights 3) Modernising meeting protocols
The draft proposes that annual general meetings (AGM) may incorporate virtual participation, with a quorum set at two-thirds attendance or 20 members (whichever is lower). Decisions require a simple majority (51%), and virtual meetings must be video-recorded if they are for redevelopment. 4) Empowering heirs/nominees
The draft proposes introducing a new category called 'provisional members,' allowing nominees to exercise voting rights after a member's death, even before the ownership is formally transferred.
Also Read: Mumbai Real Estate: Developers waive floor-rise premiums to attract buyers amid surging inventory 5) Standardise charge collection and funds
According to the Maharashtra government's draft, common service charges will be equally divided among all flats, while water charges will be calculated based on the number of taps. The draft also mandates annual contributions to include a sinking fund of at least 0.25% and a repair and maintenance fund of 0.75% of the building's construction cost.
Also Read: Dharavi Redevelopment: Maharashtra govt approves stamp duty concessions for Special Purpose Vehicle
'We will finalise the rules by incorporating the suggestions and objections in eight days, after which the draft will go to the principal secretary of the cooperation department. Once the rules are vetted by the law and the judiciary department, they will be notified. Many clauses, such as charges of sinking repair funds, were in the bylaws, but by bringing them into the rules, we have given them legal sanctity. Once the rules are finalised, we will reframe the bylaws to simplify them," Kiran Sonawane, deputy registrar of Maharashtra, told the Hindustan Times newspaper.
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