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aishwarya (freelance writer)     29 August 2024

Can the secretary of a society deny giving corpus fund given by the developer to the individuals?

Our society is going for redevelopment. The secretary has decided to keep the corpus fund to be given by the developer upon doing the IOD. The developer has said that it will given unit holder. But the secretary has decided to keep the entire amount in the bank and use it for building the said redevelopment project in case, the developer runs away in midst of the project. 

 

The rent that the developer is giving is low and we cannot afford current space in the same locality with the rent. Getting the Corpus Fund can help us maintain our lifestyle and needs. So, what should we do? Should we ask for our individual corpus fund or keep it with the secretary?



Learning

 2 Replies

T. Kalaiselvan, Advocate (Advocate)     29 August 2024

The society is right in refusing to give the corpus funds to the individual owner in the redevelopment process for the genuine reasons stated by the society in this regard.

You may have to adjust with the rent amount and your own money to meet your expenses.

You may not get any relief from the court very soon i.e., at least not before two to three years if you decide to take it up legally.

In that case you will be the loser on both the sides.


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