Legal status of the Project is just up to the mark being approved by the Co-operative Department Govt. of Punjab Lahore under Co-operative Act 1925 and with all the required NOCs from the concerned departments.
Benefits of Co-operative Society
Working with a Housing Society Registered with co-operative department ensures the following additional benefits in the form of government check and balance rather than working with a private developer only:
Cooperative Housing Societies are registered and work under the supervision of co-operatives department Govt. of The Punjab.
A management committee (MC) elected by the members of the society themselves performs the management of the Project for next three maximum up to six years.
If the elected management committee (MC) does not performs well, administrator of the co-operative department can dismiss them and take the charge of the society/project to safe guard the interests of the society/project members.
All the Project activities right from its membership, land procurement, infra-structure development, construction and management is supervised by the concerned DCO (Deputy Commissioner Office).
All the members being the shareholders in the Project have surety of their rights and interests and can launch their complaint(s) in the DCO office.
Annual audits are essential and there can be surprise audits too (if required).
A cooperative housing society is true implementation of Democracy in Real Estate through members empowerment as the members select their management committee and make their own strategy for their growth and future plans.
Keeping all other factors same, being a non-commercial setup, co-operative housing societies are able to offer the Residential and Commercial Plots in their projects at reasonably low prices than the Private developers in the market.
Already successful housing societies such as TECH Society, PCSIR Employees Society, NESPAK Society, Wapda Town, Model Town etc. are the practical examples of co-operative societies success.