Q.Write a short note on Housing Co-operatives.

A housing cooperative society is formed by persons seeking homes; it buys land, builds and allots houses/flats to members at reasonable cost, and provides finance for construction — eliminating the profit of private builders.

In the Tamil Nadu HSC Commerce syllabus, cooperative societies are classified by the purpose they serve, and the housing cooperative is one such type.

• Meaning: A housing cooperative society is a voluntary association of people who have a common need for housing but cannot individually afford it easily.
• Objectives and working: It acquires land at a reasonable price, constructs houses or flats, and allots them to members on ownership or rental basis. It may also provide loans to members to build their own houses on plots allotted to them. …