The Maharashtra government is set to introduce a new regulatory framework that simplifies rules for over 1.25 lakh cooperative housing societies in the state. These changes aim to reduce financial burdens, facilitate redevelopment, and promote transparent community governance.
MumbaiCooperative Housing SocietiesUrban GovernanceRedevelopmentFinancial ReformsReal Estate MumbaiJun 22, 2025
The main goal is to simplify rules, reduce financial burdens on residents, facilitate society-led redevelopment, and promote transparent community governance.
The penal interest rate on members’ dues will be reduced from 21% to 12% to reduce the financial burden on residents and encourage timely settlement of outstanding dues.
Provisions for virtual participation in annual general meetings (AGMs) will allow members to attend meetings online, with a quorum of either two-thirds of members or 20 individuals, whichever is less. If the quorum is not met, societies can reconvene meetings within 7 to 30 days.
‘Provisional members’ are legal heirs or nominees of deceased members who will be granted temporary voting rights and participation until the title is formally transferred. They will not have ownership rights but can engage in decision-making processes during the interim period.
The draft mandates equal division of common service charges among flats, links water charges to the number of taps, and standardises contributions to essential funds, setting a minimum of 0.25% of construction cost annually for the sinking fund, and 0.75% for the repair and maintenance fund.
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