Maharashtra: Housing Societies Gain Binding Governance Reforms
Representative AI image MUMBAI: Maharashtra has instituted a major reform in cooperative housing society governance with amendments to the Maharashtra Co-operative Societies Rules, 1961, implementing numerous member-oriented changes set to impact thousands of apartment owners across Mumbai, the MMR, and the state. While the focus has been on self-redevelopment and reduced penal interest on maintenance dues, several crucial governance reforms have flown under the radar. The new Rules, effective from June 18, lower the minimum number of members required to establish a cooperative housing society from 10 to five. They also introduce a formal name reservation process for proposed societies,…