I think in most of the places RWA (Resident Welfare Association) is formed having President, secretary and treasurer as decision makers and other members of the society are there in the association.
The idea is for colonies but this is also good for commercial complex. Most people care for individual house or shop but neglect development and cleanliness of the locality. This gives wrong impression to visitors.
Yes it is a good idea, the members of the colony should form a team, and there are many colonies where there are associations for the betterment of the colonies