India with its ever-growing population, now standing at a 1.39 billion – does it seems like a thick pack of people, customs and beliefs? For sure we have diversities within the populace. But then, how do we manage to live together in harmony? Talking of harmony, we are going to deal today with a very significant topic centred in community living – the vitality of housing societies in India.
Housing co-operative societies are democratically run enterprises with a collective sense of management. To emphasis, there is a shared notion of responsibility and understanding in such a type of working body. Also, researches and surveys share that, housing societies provide with better quality space of living. Quoting Hellen Keller, “Alone we can do so little, together we can do so much.” The statement is well-fitted for a co-operative housing society.
The membership in housing societies is generally legally bound. This membership is sought by buying shares in housing co-operatives. As a matter of which, they get to have their respective dwellings, functioning inside an association of similar member housing. Also, in the longer run, investing in co-operative housing societies is safer and secure. More the number of people, lesser the expense!
Compared to independent residences, a co-operative housing society works with mutual conduct, hosting a number of selected members. The system is monitored and smoothly run by selected members of the authority who ensure the proper working within the housing societies. The selection is basically carried out through open polls.
House mortgage co-operative societies – The members build their own houses in this case with the help of money given to them by the co-operative housing society. This money is given generally in the form of credit.
House building societies – Where the co-operatives itself take it on to build the houses for the members. In the latter case, money is recovered by the members, mostly by the mode of loan payment.
Tenant ownership and co-partnership housing societies – In the former, the land is held by the co-operative society, and the members can own these houses on lease. In the latter case, both the land and the building are held by society, and the houses are given to the members for rent, just like flat ownership.
Now that you know about the significance of co-operative housing societies and their types let’s brisk through some of the commonly acknowledged merits of them!
Saving the pockets – As far as the members are concerned, the minimum down payment is a boon while they get a feasible deal in housing.
Better facilities – With proper working management, there is a guarantee for provision of better amenities and services in a co-operative housing society.
Lesser the hassle – The registration process concerned with co-operative housing is generally remarked to be hassle-free.
Legally bound – The working of the co-operative housing societies works according to a definite and distinct system and hence, is more transparent.
Attentiveness to problems – When you live independently, and you are subjected to issues like trash removal or structural instability of essential elements in your house, you will have to figure it out yourself. But in case of an RWA (Residential welfare association), there is a surety that there will be proper reception and necessary action to all of your problems.
Well defined code of conduct – Even when there is scope for cultural diversity and variance within a housing society, there can be a proper assurance of limiting disorderly behaviour and assurance of a proper code of conduct.
Community belonging – The running of a residential association or co-operative housing society vouches for communal harmony and a sense of belonging together.
Dispute resolving – In case there is an unfortunate incident of quarrelling or dispute between two independent residents, the housing society will plunge in for arbitration and will help resolve the issue before it turning worse.
Meriting investment – Investing a small amount in these co-operative housing societies is the best option and is widely accepted. Say, in case, even if you are not interested in having an occupancy in such a residential association, you can still earn monetary benefit by leasing out your property!
Combined responsibilities – There is no burden on one’s own head alone as far as these residential welfare associations are concerned. Responsibilities are shared.
For example, even for the maintenance of your living space, you need not shoulder the problem all by yourself. As you will be paying regular maintenance charges, society will take care of the issue.
All of the above-stated advantages of living in a housing society overrules the comparatively outnumbered demerits like – The requirement of taking permission from concerned authorities of the residential association prior to house renovations, regular payment of annual fees for services availed and un-veiled discussion of conflicts and disputes in open meetings.
We hope by now that all of our readers will be sufficiently aware of how co-operative housing societies work, what is their significance and benefits. Now, one important question – How do you sign up for this?
Getting into a residential association or a co-operative housing society is not a mammoth task. Even if independent residents are planning to have a combined housing association, it is easy and doable. But for that, you might need to make yourselves aware of these two pointers:
Take legal assistance and opt for legal guidance before taking any big step!
Have an open conversation -This is the prime most pointer of gravity. Prior to forming a community association, there should be a proper presentation of common goals and rules, succeeding the formation of a body of authority.
Making a better place to love sounds fun, isn’t it? A community or residential association if organized and run well can make happen this dream. How? By communal harmony, sense of understanding and contributing towards the welfare of one another.
In today’s era where everybody is in this cat and mouse race to make ends meet and have a grander living, it’s very vital to address the meaning of “Quality of life”. Isn’t that so?
Well, the definition and perspective of life can be different for different people. However, we believe that having a peaceful living with all the necessary amenities fits the lot. And forming, investing and living in a co-operative housing society might help you find that easier!
So that was “The need and importance of housing societies in India” for you! We hope you find the matter useful!
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