Housing societies across Maharashtra must revise their interest recovery practices after the Maharashtra Co-operative Societies (Amendment) Rules, 2026 capped delayed payment interest on maintenance and other dues at 12 per cent per annum, down from 21 per centCO-OPERATIVE housing societies across Maharashtra will now have to revisit their interest recovery practices following the implementation of the Maharashtra Co-operative Societies (Amendment) Rules, 2026, which came into effect on June 18, 2026.
A key change that many housing societies may be unaware of is that the amended Rules have reduced the maximum permissible interest on delayed payment of maintenance and other society dues from 21 per cent to 12 per cent per annum.
Societies continuing to levy higher interest rates based on earlier General Body resolutions could face legal objections from defaulting members during recovery proceedings, as such resolutions may no longer remain enforceable under the amended statutory framework.
Housing societies across Maharashtra must revise their interest recovery practices after the Maharashtra Co-operative Societies (Amendment) Rules, 2026 capped delayed payment interest on maintenance and other dues at 12 per cent per annum, down from 21 per cent
CO-OPERATIVE housing societies across Maharashtra will now have to revisit their interest recovery practices following the implementation of the Maharashtra Co-operative Societies (Amendment) Rules, 2026, which came into effect on June 18, 2026.
A key change that many housing societies may be unaware of is that the amended Rules have reduced the maximum permissible interest on delayed payment of maintenance and other society dues from 21 per cent to 12 per cent per annum. Societies continuing to levy higher interest rates based on earlier General Body resolutions could face legal objections from defaulting members during recovery proceedings, as such resolutions may no longer remain enforceable under the amended statutory framework.
