A Housing cooperative is a legal entity and 90% of the societies in Mumbai fall under this category because of the limitation of the options involved in managing of affairs of the building. When under a cooperative the rates are comparatively low and the flats fall under affordable hosing.
National Cooperative Housing federation of
Housing cooperatives are of four types, Open plot society is the one in which the members themselves build the building and reside in it. On the other hand when the builder constructs it and sells it to flat owners, then it is called flat owners society and when the tenants are the owners then it is called tenants society.
When a Society is formed by allottees of flats and the building is constructed by the Housing Board Authorities, then it is called Housing board society. The procedure that should be followed for formation of societies of the above said types is different for different types of Societies. Members who wish to form Co-operative Housing Societies are generally ignorant of the procedural aspects and as a result of the same they have to run from place to place and get entangled in bureaucratic delays.
Upon realizing the benefits of the housing cooperatives coupled with its enabling approach the national housing policy promoted their growth but because of the scarcity of affordable land a need arises for specific urban land regulation.
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