You can form a cooperative society where the society will be q formal owner of the common areas but you will be the owner of your flat legally but technically it will be society under whom the said building will be.
Classification of our Housing society during registration
Sir We are a new housing Township with around 225 flats located in Nagpur. We are now going for formation of a CHS ourselves, as builder failed to form it for us. We are now little confused as under which classification should we form the CHS, 'Tenant Ownership' or 'Tenant Co-partnership' . As per our little knowledge classification under Tenant Ownership gives ownership of flat to us and ownership land will lie with Society and we would prefer this classification. But the local consultant here says we can form society only under Tenant Co-partnership and not Tenant Ownership. Can you clarify?
Asked 4 years ago in Property Law
Religion: Hindu
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6 Answers
Thanks for quick reply. So you mean we can form a society of type Tenant Ownership?
Asked 4 years ago
Housing Societies where land is held either on lease-hold or free- hold basis by Societies and houses are owned or are to be owned by members. It would be tenant ownership society
Firm tenant ownership society
Yes but technically the ownership is always with tenant only formally it's with society
A tenant ownership cooperative housing society is one where the land is owned by the society and the superstructure or the houses are owned by the members, while in a tenant co-partnership cooperative housing society, the land with building is owned by the society and a tenement in the building for which a member has contributed, is allotted to him for his use and occupation.
Housing Society means a society, the object of which is to provide its members with open plots for housing, dwelling or flats; or if open plots, the dwelling houses or flats are already acquired, to provide its members common amenities and service."
TENANT OWNERSHIP HOUSING SOCIETIES
These are housing societies where land is held either on leasehold or freehold basis by societies and houses are owned or are to be owned by members.
In such societies, the societies are the owners or lessees of land, plots are carved out and given on a long term lease to construct their dwelling houses thereon as per the terms of the lease deed.
The society is thus an owner of the land only either on leasehold or freehold basis and the ownership of building vests in the individual members.
TENANT CO-PARTNERSHIP HOUSING SOCIETIES
These are societies which hold land on ownership or on lease and construct flats thereon which are allotted to members who occupy them.
The societies, thus, hold both the land and buildings and its members are allottees therein having the right of occupancy which right is transferable by transfer of shares to other members in accordance with the provisions of the Act.
The right of occupancy of the flat is transferable and inheritable under MCS Act and by the byelaws of the society.
You all can discuss the pros and cons of both the types and can take a combined decision about this instead of taking an y decision in haste.