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SOCIETY - CONDO - DIFFERENCES


 

Cooperative Society:

A cooperative society is a legal entity formed by a group of individuals who come together to fulfill a common economic, social, or cultural objective. In the context of housing, a cooperative society refers to a housing society or cooperative housing society, where members collectively own and manage the property. Here are some key characteristics of a cooperative society:

1.    Ownership Structure: In a cooperative society, the members collectively own the property, including the land and building. Each member holds shares in the society, which entitle them to occupy a specific unit within the property.

2.    Decision-Making: The cooperative society operates democratically, with decisions made collectively by the members through general body meetings. Members have voting rights based on the number of shares they hold.

3.    Maintenance and Expenses: The members of the cooperative society contribute towards the maintenance, repairs, and upkeep of the common areas and amenities. Expenses are shared among the members.

4.    Control and Governance: The cooperative society is governed by a managing committee elected by the members. The committee is responsible for managing the affairs of the society, enforcing rules and regulations, and ensuring the smooth functioning of the society.

Condominium:

A condominium, often referred to as a condo, is a type of real estate ownership where individuals own a specific unit within a larger building or development. While the overall building or complex is owned collectively, each individual unit owner has exclusive ownership rights over their unit. Here are some key characteristics of a condominium:

1.    Individual Ownership: In a condominium, each unit is privately owned by an individual owner. The unit owner has exclusive ownership rights to their specific unit, including the interior space.

2.    Common Areas: Condominiums have shared common areas and amenities, such as hallways, elevators, swimming pools, gyms, and parking areas. These common areas are collectively owned and maintained by the condominium association or management.

3.    Condominium Association: A condominium association is responsible for the management and maintenance of the common areas and the overall building or complex. The association is typically governed by a board of directors, which may include unit owners elected by the residents.

4.    Fees and Assessments: Condominium owners are required to pay regular fees and assessments to the condominium association to cover maintenance, repairs, insurance, and other shared expenses. The amount of fees and assessments is typically determined by the association and shared among the owners.

In summary, the main difference between a cooperative society and a condominium lies in the ownership structure and decision-making process. In a cooperative society, the members collectively own the property and make decisions collectively, while in a condominium, each unit owner has individual ownership rights and decisions are made through an association.

ADV LEENA KAULGEKAR

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