Vadodara housing society announces dividend like corporate companies

Vadodara: Usually, corporate companies distribute part of their profits to shareholders in the form of dividends, but a housing society in Vadodara has started a new practice by announcing dividends for its members. This is probably the first time in the history of Vadodara that a housing society has announced dividend.

The 40-year-old Yogeshwar Co-operative Housing Society, located in the Subhanpura-Ellorapark area, has announced dividends for its members. Talking about this, the society's president Sunitabhai Shah said, 'There are 141 members in our society. The committee has decided to share the profits made by the society among the members of the society due to the savings in the interest and expenses of the bank coming on the funds of the society. As per the rules, only 15 per cent dividend of the value of the share is paid, according to which each member will get a dividend of Rs 37.50. The amount is nominal but it will increase the credit of the society. The members will easily get a loan from the bank."