It's a great idea, with a nice side effect in that the previous discussion threads might prove useful to others in the future to help them decide if a new author or book would be to their liking.
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P.S. I also wanted to add that per Elsi, I think if the Book Club takes off it would be a good idea to concurrently run two books: one classic from the public domain, and one contemporary book. My thoughts are to see how it goes, and try that after a few months if folks are enjoying it.
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I think that would be a good idea. It allows those who only want to buy a book now and then to still take part as well as giving those who already own or have read the selected book, an alternative option.
However, with the abundance of free books (that are still in copyright) for example Baen free library and the numerous authors who provide a selection of their books via their own websites. There's always the option of providing a paid and free alternative each month in the same genre assuming that won't dilute discussion too much?
Perhaps down the line, if this really did take off with a decent monthly participation, you could negotiate some sort of discount/promo code for those taking part with the various book sites
Anyhow, so long as the book is available in a format I can convert to fb2 for reading, I'll likely take part. Quite like the idea
PS If you're wanting to get a Passage to India, it's worth checking out fictionwise today as they're still doing the 50% micro rebate. The book is $5.99, but you'll effectively get $3 off a future months book choice
Not sure if the book will be my kind of thing, but I'll give it a go, maybe I'll be pleasantly surprised