Repair funds utilization
Smrity K
(Querist) 29 September 2023
This query is : Resolved
How much funds can be utilized out of repair funds of a housing society.
We have estimated cost of 14 lac max, even though the society has 6 lac repair funds they say that only 4 lac can be used , and asking the members to contribute 10 lac
Can someone advice
kavksatyanarayana
(Expert) 29 September 2023
The amount noted in the bylaws for repairs can be used. Without verifying the bylaws cannot say. You verify bylaws it will appear under the article/condition of the building repairs and funds.
T. Kalaiselvan, Advocate
(Expert) 30 September 2023
The entire corpus fund available with the association cannot be used for this repair expenses alone, a portion of amount should be kept in reserve to meet any exigency in future.
Smrity K
(Querist) 30 September 2023
Already we are not touching the Sinking Fund.
Reapair funds are collected @ 0.75 % exclusively for repairs, even though we cannot touch a part of it, if so what is the percentage that has to be retained back.
Sudhir Kumar, Advocate
(Expert) 30 September 2023
you are not clear as to which law point you want to discuss.
T. Kalaiselvan, Advocate
(Expert) 01 October 2023
It appears tht the association is retaining 1/3rd of the corpus funds and utilising only 2/3rd of the corpus funds for the current situation.
If this decision is within the bylaws, then you cannot raise any question on it, hence you may first of visit the bylaws of your association and then decide about rising this issue in the next general or special meeting.
