About Housing Co-operative Societies

The problem of housing shortage presented itself in a very acute form during World War II and the period following it. This problem was particularly felt in the big cities. Some provinces have used the co-operative agency for relieving the housing shortage. A housing cooperative is a legal mechanism for ownership of housing where residents either own shares (share capital co-op) reflecting their equity in the cooperative's real estate, or have membership and occupancy rights in a not-for-profit cooperative (non-share capital co-op), and they underwrite their housing through paying subscriptions or rent. There are two common types of housing societies in India : (1) those based on individual house-ownership where the society helps the member in several ways such as purchase of land, laying out the colony and loans to finance building operations stage by stage, the house being mortgaged to the society till the loans are cleared through instalments and (2) the co-partnership type where a building is owned in common by the members of a society, each member having rights of tenancy subject to certain conditions, and in certain cases, having the right to purchase the building from the society on payment of the required number of instalments. The former type is in vogue in Madras while in Bombay, the latter type is commonly met.

FAQ

What are the Advantages of Co-Operative Housing Society?

  1. The beneficiaries can make substantial saving in a cost though group action.
  2. Architectural Planning can be done on a larger scale.
  3. Building, Layout Materials can be obtained more cheaply when purchased in bulk
  4. Facilitates more efficient, satisfactory community surroundings since the entire area is planed but with common amenities and thus the danger of neighbourhoods developing into slum areas is minimised
  5. Co-Operating housing society housing is an effective means of providing, decent houses at reasonable costs to people’s particular of low, middle classes.

Why Software Engineers and Doctors Housing Co-Operative Society Ltd.?

Karnataka has numerous societies, however we do not have any society that directly caters its services to IT employees. i.e. One can become “Associate member” with other societies, but cannot become a member. This would mean that Associate member cannot enjoy full benefits as Member would. SEADCo is the first society which is born to provide assistance to IT people regarding their Housing needs.

Who can become a member?

Membership is only for professionals like software engineers, scientists, engineers, employees of IT, ITES, BPO companies and doctors. There is provision to accept other professionals and businessmen as associate members.

What is the Membership Fee?

Membership Fee is Rs 2500.

Is the Membership fee refundable?

Yes share fee is refundable, but the other initial registration fee is non-refundable. The refund is subject to the act and the Board Decisions.

Where will be the projects?

The potential places are around Devanhalli, Hoskote, Sarjapura, Bidadi, Electronic city, Anekal , Mysore, etc.

What will be the dimension of the sites ?

The dimension of sites shall be 30*40 ,30 *50 ,40*60, 50 *80 ,80*100.

Where can I get application?

You can get directly from the SEAD housing society office.

What is the registration number of society?

SEAD Housing society is registered under Karnataka co-operatives Act 1959(8) with registration S.J.R.B.R.G.N 18: 36956: 08-09 dated 1-07-2008.

Is SEAD a private company?

No, SEAD is a Society established under Karnataka Co-operative Act 1959 (8).

How many sites per application?

Only one application per person and one site per application is given.