Sinking fund query
RKP
(Querist) 03 September 2014
This query is : Resolved
In my apartment in Bangalore there are flats of different areas.
But the residents welfare association(RWA) is charging sinking fund which is commonly divided among all flats.
As per my info sinking fund is charged at a minimum rate of 0.25 percent PER ANNUM of the construction cost of each flat.
Also in our absolute sale deed it is mentioned "The PURCHARSER shall share the expenses in proportion to their undivided share in Schedule B property".
RWA(which is actually made of flat owners having largest flat area) says it can form a quorum and can deviate from the sale deed rule as the area wise sinking fund rule is not applicable in Bangalore.
Is the RWA fair in charging commonly divided sinking fund?
ROHIT SHARMA
(Expert) 04 September 2014
1. The criteria of the share in the undivided share (schedule B property) should be the basis for determine the sinking fund. The bigger the share the more will be the payment of sinking fund contribution.
RKP
(Querist) 04 September 2014
Thanks Rohit for the clarification.
