In a major relief to residents of cooperative housing societies on collector’s land, the government has announced a penalty ranging from 1% to 5% of the ready reckoner rate (RRR) to regularise the membership of such societies.
At least 4,000 members of various housing societies on collector’s land whose membership had not been recognised by the collector, this comes as a relief to them.
Several original members have sold flats to others whose membership, too, has not been regularised on account of the first member not being recognised. The non-recognition was because the members purchased the flat without providing the adequate information.
The government resolution issued on Tuesday has set norms for recovering penalty from 1% to 5%, depending on the degree of non-fulfilment of mandatory requirements.
“These buildings have been built more than 40-50 years ago and because of non-resolution of the membership issue, redevelopment was stuck. This will help in membership transfer, go for freehold and then redevelopment,” said Salil Rameshchandra, president of Federation of Grantees of Government Land.