Perks Of Living in a Cooperative Housing Societyby Jatin Sharma Writer
Cooperative housing societies is a widespread concept of living in India. It refers to a membership-based legal entity comprising of one or more residential buildings. You can become a member of society by buying shares in the cooperative. Another way to define a cooperative society is that it is a collection of a number of residential buildings that are built as collaboration between the government and the builders. It is a democratically governed entity with voluntary management, community living, and shared expenses. Its motto can be clearly defined as – One for all, all for one.
The first cooperative society in India was established in Bangalore in 1909, called The Bangalore Building Cooperative Society. Since then, the concept has only made its way up the ladder and gained popularity. It is now present in all major towns including Delhi, Chandigarh, Indore, Pune, and Mumbai. A number of well-designed Andheri West new residential projects fall under the cooperative housing society concept. These societies offer a number of advantages to its residents with a minimized stress for maintenance, financial security, and safety. Let’s take a look at some of the benefits of a cooperative housing society:
Cost Effective: As it is maintained by a large number of people, the overall cost per person is meagre. The down payment, closing cost and the maintenance cost is divided among many people, bringing down the number significantly. This allows you to increase your savings and invest somewhere else. This also makes the cooperative housing societies way more affordable than independent residential buildings or complexes.
Varied Facilities: With so many people involved in the management of the society, you are bound to get the best facilities available. From parks and playgrounds to jogging tracks, gym, clubhouse, and shopping arcade, everything is catered for. Governed by the residents themselves, the management will keep in mind the requirements of all the age groups residing in the area.
Shared Responsibility: One of the most beneficial features of living in a cooperative housing society is the fact that you do not have to bear the sole responsibility for anything. There are a number of individuals, i.e., other residents of the society to share the load with you. The security, maintenance, restructuring, and new projects, will be looked after by a body of members elected by the residents for this administrative work. The workload when shared and allocated between various members allows for better management.
Positive Living Environment: People living in a cooperative housing society tend to be more safe and positive as the people living there take the responsibility of maintaining the society as a whole. With a mix of cultures coming together to create a cohesive and joyful living, you are bound to be surrounded by positivity and good vibes around your house. There is mutual respect and understanding as the aim is to work towards the betterment of the same place.
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Created on Sep 17th 2020 01:45. Viewed 143 times.