SOCIETIES VS. CONDOMINIUMS: WHAT HOMEBUYERS SHOULD KNOW
Aspect Housing Society Condominium
Formation Requires at least 10 members from different families. Governed by the Maharashtra Cooperative Societies Act, 1960. Can be formed with a minimum of 5 apartments. Governed by the Maharashtra Apartment Ownership Act, 1970.
Ownership The society collectively owns the land and building. Members are issued share certificates. Each apartment owner holds the title to their unit and a proportionate undivided interest in common areas.
Management Managed by an elected managing committee. Each member has one vote. Managed by an association of apartment owners. Voting rights are proportional to the value of the apartment.
Bye-laws Adopts model bye-laws with limited scope for changes. Allows for more flexibility in adopting bye-laws, provided they do not contravene the Act.
Financial Responsibilities The society collectively manages and pays for common expenses, including municipal taxes. Each apartment owner is responsible for paying their own municipal taxes. Common expenses are shared based on apartment area.
Legal Framework Governed by a comprehensive set of rules under the Cooperative Societies Act. Governed by fewer rules under the Apartment Ownership Act, making it simpler in some respects.
Community and Social Aspects Often fosters a strong sense of community with social events and equal voting rights. Offers more individual ownership and flexibility, with voting rights proportional to apartment value.