At least 33% of housing societies lag in submitting audited accounts

33% that is around 20,000 housing societies in Mumbai’s metropolitan region failed in producing their audited accounts for the 2017-18 to the cooperatives department despite being provided an extended deadline.

Of the 61,000 cooperative housing societies in Mumbai, Thane, and Navi Mumbai these make up 32.7% of them.
According to the cooperatives department, in the last fiscal of 2016-17, 8,500 or 14% of the societies controlling about 25% of the corpus did not submit their audited accounts. This goes to show the apathy and lethargy towards the necessity of getting the accounts certified. Even the lack of commitment or transparency from the residents is appalling.

Regarding this issue, over 8500 societies of de-registration, disqualification of office bearers and liquidation of assets, were issued with a warning notice. Actions like so can affect the efficiency of the regular civic services in the society. Hence even affecting the real estate value of properties

“The major reason for the delay or lack of society audits is mismanagement as nobody wants to come forward for the work. A majority feels it’s a thankless job. There is also a fear among ordinary members that if they question the affairs of the society and its executive members, the management may make life difficult for them,” said Ramesh Prabhu, chairman of the Maharashtra Societies’ Welfare Association, an umbrella organization of all the housing societies in the state.

in line. Two-three years ago, the percentage of unaudited societies used to be as high as 80-90%,” he said.


Citing an overburdened cooperatives department, experts suggested digitization and an independent authority for housing societies to improve the situation. “I recommend digitization to bring about transparency and efficiency in administration as well as transactions of housing society affairs. If the accounts of the societies are maintained by the cooperative department or nationalized banks on their servers, there could be a provision to freeze the accounts of those who have not filed annual accounts or online returns within a stipulated period,” said Vinod Sampat, a housing expert and president of the Cooperative Societies’ Residents Users’ Association.


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Surabhi Mahadevan

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