The Karnataka Government is currently initiating a reformulation of rules regarding bulk purchases of houses by cooperative societies.
The objective is to weed out the intermediate elements raking in money and corrupting the process, said the Cooperation Minister in Bangaluru. As to the present situation, housing societies are not able to work out their individual layouts on newly purchased farm lands.
Seeking a solution for the problem the state government will be sending officials to the neighbouring states in order to gather information on already well functioning models.
Bangaluru has about 300 housing cooperative societies and scores of them are involved in irregular land transactions causing a considerable financial damage to the general public.
Additionally, the societies are not being prompt in transferring sites to the members who have already paid their money. According to the minister, stern action will be taken against the erring housing societies.
