India, July 1 -- The state government on Tuesday finalised a detailed regulatory framework for co-operative housing societies by notifying the amendments to the Maharashtra Co-operative Societies Rules, 1961. The amended rules cover membership, nomination, inheritance, and accountability of managing committees among other things, and address long-standing issues related to flat ownership transfers, succession disputes, maintenance charges and governance.

A significant change relates to funds collected from members. The rules provide a structured list of permissible charges such as service charges, water charges, lift maintenance expenses, parking charges, non-occupancy charges and so on. A cap of 12% per annum has been put on interest ch...