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CHENNAI.....Good investment opportunities in all the segment of the city. Commercial rentals is on fast trek. Residential segment also having very good demand from rural areas. Outskirts of the city is now more costly then CBD residential areas.   AHMEDABAD..... ..... Huge NRI funds were recently invested in residential segment of the city. Commercial too is feeling the heat. Residential rates are marginally up by 20% since last quarter. The trend is likely to continue.   BANGALORE...... ...IT and ITES are again in the buying spree. Residential complexes are getting good demand. NRIs investments are up again. Service apartment concept is catching up in the city. Commercial lease rentals are rising.   PUNE.... ... Pune is poised as IT centre by the developers. In fact many leading IT brands are in the city. It has enhanced the residential rates. Outskirts like Viman Nagar, Pimpari and Chinchwad also now having great demand. Good time ahead.   DELHI .... ...The market is slow for residential units. Noida and Gurgaon also have touched historic level. New zones are in the competition. Faridabad and Merut along with Rohtak are busy catering for demand in Delhi and NCR    MUMBAI.. ..... ..Realty Fund and investors of large real estate holdings are still maintaining the price level. Developing zones are feeling heat. Small pocket developers are also panic in the market. Residential prices stagnated as of now.

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Salient Features of the Model Bye-Laws

Maharashtra

Posted on 10th July 2002
 

There are about 50,000 Housing Societies in the State of Maharashtra Crores of residents are residing in these Housing Societies. The bye-laws that have been prevailing as of date have not been amended since 5-10-1984. After about 18 years that same are being revised. This will ensure simplicity. These attempts deserve to be appreciated by one and all. The salient features of the same as per information made available to us are as under : -

  • As per bye-law No. 38(d) No Objection Certificate (NOC) of the Society would not be required at the time of transfer of flat. This will reduce the work of Estate Agents. At times the Officer Bearers of the Society are harassing the members when they wanted to transfer their rights. These provisions deserve to be appreciated by one and all.

  • One uniform set of bye-laws for open plot societies, housing societies as well as premises societies.

  • Rights of joint members would be recognized.

  • Sinking Fund amount can be spent for major repairs.


 


 

Limit for sanction of Managing Committee for repairs and maintenance linked to number of members. This limit is proposed to be increase from Rs. 25,000/- to Rs. 1,00,000/- as under : For expenses above the said limit permission of General Body is required

Upto 25 members Rs. 25,000/-

26 to 50 members Rs. 50,000/-

51 and above upto Rs. 1,00,000/-


 

Limit for making payments by Account Payee cheques increased as under :

Upto 20 members Rs. 1,500/-

21 to 50 members Rs. 3,000/-

Above 50 members Rs. 4,500/-


 

  • Premises Society will also get benefit of recovery u/s. 101 of the Maharashtra Co-operative Societies Act.

  • Housing Societies need not maintain pass Books.

  • Entrance fee has been raised from Rs. 10/- to Rs. 100/-.

  • Transfer fee has been raised from Rs. 50/- to Rs. 500/-.

  • The amount payable as premium at the rate to be fixed by the General Body Meeting but within the limits as prescribed under the circular issued by the Dept. of Co-operation / Govt. of Maharashtra from time to time.

  • A member shall cease to be a member of the Society if his whereabouts are not known for a period of 7 years and if his shares and interest in the property / capital of the society is not claimed by anybody else.

  • Structural Audit to be conducted by Architects on the panel of Municipal Corporation for Societies situated in Municipal limits. In other cases structural audit to be carried out by Government approved Architects. Structural audit to be done as under :

a) For buildings ageing between 15 to 30 years once in 5 years

b) For buildings ageing above 30 years once in 3 years


 

  • Non-occupancy charges not to be levied if the incoming member occupies the flat. In other cases negligible amount to be recovered as non-occupancy charges.

  • Nominees has to apply for membership of the Society within six months from the date of the death of the member. Married daughters also included in the definition of family.

  • A member could be expelled if he has made change of user without the permission of the competent authority of the Society.

  • Internal leakage responsibility would now be on the member. As per old bye-laws the responsibility of internal as well external leakage was on the Society.

  • Every application made to the Society should be acknowledged by the Society.

  • Recognition of car parking space sold by builders.

  • Car parking spaces to b allotted by society by “lot” on yearly basis.

  • Government of Maharashtra will issue circular as regards quantum of premium to be taken at the time of transfer of flat. The maximum amount as of date is Rs. 25,000/-

  • Government of Maharashtra will issue circular as regards the maximum amount that can be taken by the Society with regards to parking vehicles.

  • Auditor to be appointed from the Panel of Auditors maintained by the Registrar.

  • The tenure of the Managing Committee increased from three years to five years.

  • The post of Treasurer has been included as an Office bearers of the Society. Old bye-laws did not have the post of Treasurer.

  • In matters related to No Confidence Motion the meeting has to be presided by an Officer of the Co-operative Department not below the rank of Assistant Registrar.

  • Chairman / Secretary / Treasurer’s registration will be effective only after its acceptance and handling over of the charge to the newly elected Chairman / Secretary / Treasurer as the case may be,

  • Insurance of the building against risk of fire and earthquake made compulsory.

  • An attempt has been made to guide the members as to which authority they should approach for this complaints.