Short Answer

Holdout members have rights to be bought out at a fair cost if redevelopment is approved.

Detailed Explanation

Section 63 of the Gujarat Cooperative Societies Act, 1961 empowers holdout members with certain rights in case of redevelopment. This section states that if a cooperative society decides to redevelop its property, holdout members who do not agree with the redevelopment plan have the right to be bought out at a fair price determined by the society. This provision ensures that holdout members are not unfairly disadvantaged by the redevelopment process.

In practice, this means that holdout members can either choose to participate in the redevelopment project or opt for a buyout at a price determined by the society. The fair cost should be calculated based on the market value of the property and should be mutually agreed upon by both parties. This ensures that holdout members are adequately compensated for their share in the property.

For example, if a cooperative society decides to redevelop its building and a few members do not wish to participate in the project, they can exercise their right to be bought out at a fair cost. The society will need to conduct a valuation of the property and offer a reasonable buyout amount to the holdout members.

Another scenario could be where holdout members feel that the buyout amount offered by the society is not fair. In such cases, they can negotiate with the society or seek legal recourse to ensure they receive a just compensation for their share in the property.

Overall, Section 63 of the Gujarat Cooperative Societies Act, 1961 protects the rights of holdout members during the redevelopment process by providing them with the option to be bought out at a fair cost.

References

• Section 63 of the Gujarat Cooperative Societies Act, 1961: Official PDF