Legal Question in Real Estate Law in India

Sinking fund
I am member of a cooperativce housing society. As a maintenance deposit we had contributed Rs.50/- Per Sq. ft. at the time of purchase of flat. We are also paying annul maintenance charges. Now the society is asking for sinking fund every year. Can they make it compulsory to every member ? Can they charge late fee on this ? Society building is only 8 years old and does not have conveyance deed.

Asked on 5/04/09, 3:25 am

Shrichand Nahar S.V.Nahar, Advocate

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Re: Sinking fund

Sinking fund could one of the compulsory contributions from the members as provided in the bye-laws.

Late fees or interest can be charged by society for delayed payments as provided in the bye-laws.

Answered on 5/04/09, 5:49 am

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: Sinking fund

The society may be governed by its bye-laws and decisions of managing committee/governing body.

Answered on 5/05/09, 12:32 am

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