Registering the Apartment Association in Bangalore
The apartment owners in India can voluntarily form an Apartment Owners Association for the maintenance of the apartment and its amenities. A registered association enjoys all the legal benefits vis-a-vis unregistered association.
In Bangalore, following are the two major Acts for registering an apartment or a housing society.
Karnataka Apartment Ownership Act, 1972
The Act exclusively deals with residential apartments in Bangalore. The main advantage of registering a society under this Act is that each apartment becomes a transferable and heritable property with separate khata and specific undivided interest in land. The process is cumbersome and demands several documents which may be impossible to obtain by the apartment owners from the Builders or developers. The owners need to execute a deed and submit all the documents related to his apartment.
Karnataka Societies Registration Act 1960
The most preferred and easy way to register an Apartment association or a society is under this Act.The societies formed under this Act are for the promotion of charity, educational, science, art, literature or for the promotion of sports. The Act does not bind anybody who is not a member.As per the Section 3 of this Act, No member is entitled to receive any profit of the society. Once a society is registered under this Act, same cannot be converted into a Trust.
Apartment Association Formation under Karnataka Societies – Type, Eligibility, Process, and Fees
Type of Societies
The societies related to the promotion of charity,education science,literature or Fine arts,promotion of sports,the instruction and diffusion of knowledge relating to commerce or industry or any other useful knowledge, diffusion of political education, maintenance of libraries, the promotion of conservation and proper use of natural resources may be registered under the Karnataka Societies Registration Act,1960.
Eligibility Criteria:
- Minimum 7 members above the age of 18 years are required to form the Association
Documents Required:
- Application;
- Proceedings of the first Meeting;
- Memorandum of Association;
- List of members of Executive Committee with name, address, occupation, age and signature; and
- Bye-laws of the Association.
Annual Compliance & Fees
Each year within 14 days of Annual General body meeting , the society has to file with the Registrar, details of Committee members, Balance sheet, income and expenditure and auditors report issued by chartered Accountant.For every one lakh rupees of income and expenditure of the society or part there of Rs 100/- has to be remitted as fee to the government.
