Why should one choose a Cooperative Housing Society?
WHAT IS HOUSING-COOPERATIVE?
A group of persons which are legally incorporated following the same purpose of fulfilling the mutual need of housing or its upgrading based on joint support is known as a housing cooperative. Members make an almost equal input to the capital necessary for housing society.
These societies are built to deliver residential houses to members. They buy land, improve it and build houses or apartments and assign them to members. Members appoint their management committee and create their personal policy for progress and growth. Cooperative department of the govt. overlook the whole working of management-committee. Some societies also provide credits at small interest rate to members to build their private residence.
The Chief Minister and the Government-of-Punjab have brought incredible reforms for the uplift of residential societies in Pakistan. Those reforms have helped in the expansion and progression of the housing societies across Punjab. The Government-of-Punjab has fulfilled the increasing need of residential schemes in Lahore and thus given cooperative-housing societies inspiration to work for the betterment-of-societies.
Cooperative-housing has previously worked for improving the standards of living in Lahore like Model town, PCSIR, Valencia, Wapda Town, TECH and Gulistan e sir Syed cooperative-housing society. Cooperative societies are registered and operate under the regulation of govt. of Punjab.
The members are owners of the cooperative-housing society, who panel the whole financial structure of the society.
Cooperative-housing societies are affordable than-any-other autonomous ownership with nominal down payments, lesser closing cost and lengthier mortgage term.
A cooperative society is democratic with all members being its share-holder. Members manage the society which are elected with mutual consent through voting.
Secure and steady investment:
Cooperative-housing society provides a secure-real-estate investment. A member of the society can reside in it for as long as he desires to. If he doesn’t reside in it, he can rent it out and generate regular income.
Members in a Cooperative Society usually have very small maintenance responsibilities. Cooperative association is liable for major maintenance, alterations, replacements and protection in the society. For availing such facilities in the society, all- the-members reimburse the maintenance charges.
A cooperative society provides its members sufficient opportunity to follow their habits and skills. Residents can avail a lot of amenities such as swimming pool, gym, large parks, and club membership etc.
Cooperative-housing societies have marked their reliance on people-through-its unified work in earlier societies. A cooperative-housing society is true example of alliance and one-ness.