dear learned advocates,
our society is charging in Rs.770 every quarter in the maintenance bill towards major repair fund MRF = (Area *Construction cost(Rs.360)*0.75%4). and insurance premium of Rs.102. And SF=(Area*Construction cost(Rs.360)*0.20%)/4.
I think a major repair fund can be created only when specific work is required to be carried out urgently.
in the light of above, you are kindly requested to advise your legal views on the collection of major repair funds every quarter by our society.
Your immediate response is required in this case.
thank you in advance
best regards
Typically, MRF is created when specific urgent repair work is required.
Some possible questions to ask the legal expert:
2. Are there any specific provisions or bye-laws that allow for such collections?
3. Can the society accumulate funds for future repairs without a specific urgent need?
4. Are there any restrictions on how these funds can be utilized?
