14.6.22 Formation of co-operative society

1. The developer and the beneficiaries of S.R.S. to form and register C.H.S.

A) The eligible hutment dwellers, including the P.A.P.s nominated by the C.E.O., S.R.A., will have to form a Co-operative Housing Society after all members have fully paid their dues to the Corporation, MHADA etc. All the cost involved in connection with registration of the Co-operative Housing Society will be borne by the eligible hutment dwellers and the Developer shall register a Co-operative Housing Society (C.H.S.) of the rehabilitated hutment dwellers within 60 days from the date of issuance of the commencement certificate to the project of Rehabilitation Tenements by the hutment dwellers. Stamp Duty payable under Bombay Stamp Act, 1958 for registration of documents of allotment of such rehabilitation tenements or registration of Co-operative Housing Society shall be fully exempted.

B) The Managing Committee of the registered Co-operative Housing Society of hutment dwellers shall be constituted in accordance with the provisions of Maharashtra Cooperative Societies Act, 1960.

C) The rehabilitation tenement shall be jointly owned by the Pramukh hutment dweller and the spouse, if applicable. The details of ownership including Share Certificate and other relevant documents, shall be so entered and shall be deemed to be so entered in the records of the Co-operative Housing Society. The membership of the Co-operative Housing Society should be finalized based on eligibility criteria as per the provisions of the said Regulations and as specified by C.E.O., S.R.A.

2. The developer registered with S.R.A. shall enter into individual agreement with the eligible hutment dweller of each structure in the slum area under the S.R.S., regarding allotment of his respective Rehabilitation Tenement. Such agreement will be in the joint name of Pramukh hutment dweller and the spouse, if applicable, for every Rehabilitation Tenement.

3. The rehabilitation tenement shall be in the joint ownership of the hutment dweller and the spouse; and shall be so entered and be deemed to be so entered in the records of the co- operative housing society of eligible slum dwellers, including the share certificate and all relevant documents. Such tenement shall not be sold or leased by the hutment dweller up to 10 years from the date of allotment. Such provision shall be included in the Agreement between the hutment dweller and the Developer.

(3)

4. (---)

5. The Developer shall register a Conveyance Deed in favor of the Co-operative Housing Society of the rehabilitated hutment dwellers, formed for the constructed rehabilitation built- up area and the land spared for the same, along with common areas, access, marginal spaces left for the building, immediately after such rehabilitated hutment dwellers occupy the building/s in the Rehabilitation Component.