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A housing society or apartment associations is a situation popular in India with a group of house owners within a residential complex, usually one consisting of buildings that each have flats. A housing society's apartments or premises are formed as per relevant laws for smooth functioning of utilities and other amenities provided to them. The housing society formed must be formally registered with registrar of co-operatives. In India, each state has its own rules in this regard. Each building in same premises may have separate housing society or one. Many housing societies form one federation. Housing societies run on the service charges levied by them on house or flat owners. Some of the housing societies in Mumbai are cash rich, having crores of rupees in their bank account.
The Managing Committee takes care of the affairs of the Housing Society like appointment of service providers, maintenance of Society premises, solving member's greivances, maintenance of books of accounts and taking care of safety and security.
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