What does term Builder-Promoter mean? 30 October 2014 Hina, Pune how is it different than the Chief Promoter?And, does "promoter" and "chief promoter" mean different? Advice from society consultant Answered 2 comments share via facebook share via email Add comment
All 3 has different meaning. Here are the details for each one per cooperative legal documents:
The term Builder-Promoter is defined under the Bye-law No. 3(xiii) of the Model Bye-laws of the Society. A “Builder- Promoter” means a person who constructs or causes to be constructed a block or building of flats or apartments for the purpose of selling some or all of them to other persons, or to a Company, Co-operative Society or other Association of Persons, and includes his assignees; and where the person who builds and the person who sells are different persons, the term includes both. For example, where the land owner gives the development rights of his plot to any other builder for constructing the building of the Society, the land owner and the builder both will be clubbed under the term Builder-Promoter.
The term Chief Promoter is defined in the Bye-laws under Bye-law No. 3(iii). A “Chief Promoter” is a person who is elected by the Promoters, in their first meeting, or in their subsequent meetings in case the post of the Chief Promoter lies vacant, till the first general meeting of the Society.
The term Promoter is defined under Bye-law No. 3(xii) of the Model Bye-laws of the Society. A “Promoter” is a person, who signs the application for registration of the Society before the Registering Authority.
You can ready cooperative society legal documents online at:
Builder has registered the CHS in Nov 2016 and the first meeting of committee was taken on 13 th Nov 2017 as various works were pending and the 13 members were selected by the society members in this meeting. I had bought a flat in resale on 31st October 2017 for which NOC was given by builder and not society and also requested to change my name in the records and issue share certificate in my name.
But now the newly formed society is saying I have to pay premium of 25000 for transfer of name. Is this logical sir
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