Compliance Management

Stay Legally Compliant, Stay Hassle-Free – Quasoc Ensures Your Society Meets Every Regulatory Requirement with top-tier housing society compliance services!

Managing compliance in a Housing Society requires adherence to Maharashtra Cooperative Societies Act, 1960, Bye-laws, and government regulations.

Below is a structured guide for effective compliance management.

Society Registration & Governing Laws

Applicable Laws & Acts:

✔ Maharashtra Cooperative Societies Act, 1960
✔ Maharashtra Cooperative Societies Rules, 1961
✔ Model Bye-laws of Cooperative Housing Societies
✔ Real Estate (Regulation & Development) Act, 2016 (RERA)
✔ Goods and Services Tax (GST

Key Registration Requirements:

Formation & Registration: Submit Form A & Form B to the Deputy Registrar of Cooperative Societies.
Mandatory PAN & TAN for Society (for taxation purposes).
Stamp Duty & Registration Charges: Payable on the conveyance deed with Quasoc’s housing society legal compliance.

2. Annual General Meeting (AGM) & Elections

Annual General Meeting (AGM)

🔹 Deadline: Must be held before 30th September every year.
🔹 Agenda Includes:

Adoption of financial statements.
Budget approval.
Discussion on pending maintenance dues.
Appointment of auditors.
Review of major society issues with Quasoc’s housing society compliance services.

Managing Committee Elections

🔸 Tenure: 5 years (as per 97th Constitutional Amendment)
🔸 Conducted under Maharashtra Cooperative Societies (Election to Committee)

Financial Compliance & Audits

Mandatory Financial Statements:

✔ Income & Expenditure Statement
✔ Balance Sheet
✔ Audit Report Submission to the Registrar before 30th September
✔ Budget Submission before March 31st for the next financial year

Statutory Audit (Mandatory for all Societies)

Conducted by a certified auditor from the government panel.
Audit Report must be submitted annually to the Deputy Registrar of Housing Societies with Quasoc’s society audit services.

Taxation Compliance:

GST Registration: If income (maintenance + other sources) exceeds ₹20 lakh annually
TDS Deduction: If vendor payments exceed ₹30,000 per transaction or ₹1 lakh annually
Income Tax Filing: If society has taxable income from sources like fixed deposits, rentals, etc.

Maintenance & Billing Compliance

✔ Maintenance Charges Calculation: Based on Model Bye-laws 67 to 71.
✔ Late Payment Penalties: As per Bye-law 72 (typically 21% p.a. on arrears).
✔ Parking Charges: Levied as per Bye-law 78.
✔ Sinking Fund & Repair Fund Contributions (Mandatory).
✔ Electricity & Water Charges:To be paid on time to avoid penalties with Quasoc’s society compliance management.

Legal & Regulatory Compliance

Conveyance Deed & Deemed Conveyance

Societies formed before 2013 must obtain a Conveyance Deed from the builder.
If the builder is uncooperative, the society can apply for Deemed Conveyance under MOFA (Maharashtra Ownership Flats Act, 1963).

Society Bye-laws & Amendments

✔ Follow Maharashtra Model Bye-laws (2014 or 2023 updates).
✔ Amendments must be approved in the General Body Meeting (GBM) and submitted to the Registrar with Quasoc’s housing society bye-law compliance.

Housing Society Disputes & Consumer Complaints

Matters like maintenance charges, elections, mismanagement can be taken to the Cooperative Court.
Deficiencies in builder services can be challenged under RERA Maharashtra (MahaRERA).

Record-Keeping & Documentation

🔹 Mandatory Registers as per Bye-laws:
✅ I, J & Share Register
✅ Minutes Book (AGMs, SGM, Committee Meetings)
✅ Accounts & Vouchers
✅ Share Certificate Book
✅ Nomination Register

🔹 Document Retention Period:

Financial Records: 8 years.
Legal & Conveyance Deed: Permanent.
Minutes of Meetings: Permanent with Quasoc’s society governance solutions.

Fire & Safety Compliance

Mandatory Fire Audit (Every 6 months as per Maharashtra Fire Prevention & Life Safety Measures Act, 2006).
Fire Safety Equipment Maintenance.
Annual Structural Audit (For buildings older than 30 years, as per BMC rules) with Mumbai society compliance experts.