Mumbai: Respite for cooperative housing societies as AGMs & audit deadlines extended

September 30, 2022
Mumbai: Respite for cooperative housing societies as AGMs & audit deadlines extended

MUMBAI: In a major relief to over 65,000 cooperative housing societies across Mumbai metro region, the state government has allowed them to hold their AGMs till December 31 and audit submissions till Oct 31.

According to housing society federations due to Covid, several societies took time till March this year to clear their audit for earlier fiscal 2020-21 and thus had a backlog for recently ended fiscal 2021-22 to be cleared yet.

The last date for AGMs and audit submission for the recently ended fiscal 2021-22 was set as September 30 which the Maharashtra societies welfare association (MahaSeWA), a federation of cooperative societies in the state, wanted to be extended till the end of this year so that auditors and societies could get enough time to complete delayed accounting procedure without much hassles.

According to experts, just around 25% societies have submitted their accounts so far with a larger chunk still remaining to complete the required formalities.

Majority societies are already struggling hard to get their deemed conveyance (land title transfer to society from builder) and redevelopment approvals that have been stuck due to legal complexities and the red tape besides issues related to lack of unanimity among members, fee escalations, fights for nominations, titles and maintenance, and alleged corruption.

Poor performance of website in accepting audits online, lack of enthusiasm among administrators, lack of accountability in the process, and overloaded registrars who have to handle 2000 societies each are some of the other reasons that are leading to delays, say activists

In the absence of deemed conveyance the land ownership of housing societies is still in the hands of builders who rent out terraces to cell tower and advertisement companies, besides selling or using parking, TDRs and FSIs to earn money.

Since conveyance and redevelopment had to go through multiple state govenrment departments, they were taking much longer time, say cooperative activists however pointing out that conveyance proposals were getting cleared faster after reaching the consumer court.

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