PRANJAL CHOPDA (BROKER) 14 October 2012

Compound interest

IN OUR SOCIETY THERE WAS THE MAJOR REPAIR WORK WAS DONE OF "PLASTERING ,PAINTING AND SEWAGE PIPES"
IN WHICH SOCEITY HAS ESTIMATED THE MONEY IN WHIC THE SOCIETY HAS CHARGED AS PER THE SQFT OF THE ROOM OCCUPY WID THE MEMBERS .
THE COST WHIC WAS OCCURED WAS THE 62% OF THE ESTIMATED EXP.
THE COST MONEY HAS BEEN PAID TO THE SOCIETY.
AND PENDING MONEY WAS ASK TO PAY AS DEPOSIT TO THE SOCIETY FOR FUTURE .
AS RESOLUTION WAS PAAS BY THE MEMBERS FOR COLLECTING THE FULL ESTIMATED COST MONEY FOR FUTURE .
INTEREST IS BEEN CHARGED 18%PA
DOEST SOCIETY CAN CHARGE ME COMPOUND INTEREST ON THE DUE FOR THIS UNPAID DEPOSIT .

PLSS GUIDE ME WT CAN WE DO FOR THE SAME

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3 Replies

Advocate Rohit (Advocate) 15 October 2012

As per the Bye Laws of the Co-Op. Hsg. Society, a society has to charge annually minimum 0.75% of the construction value per flat. therefore, in the majoy repairs and maintenance fund they have a right to charge by passing a resolution in the AGM/EGM.

Also, society needs to charge minimum of 0.25% of the construction value per flat towards sinking fund.

Therefore, if any members fails to pay the duesto society then the said memebr is liable to pay the pay the interest to the society.

hope your query is resolved.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

PRANJAL CHOPDA (BROKER) 17 October 2012

@ROHIT DALMIA:
DUES IS TO BE PAID BUT SOCIETY CAN CHARGE ME THE COMPOUND INTEREST FOR THE DUES 1.5% / MONTH

AND WT IS THE HIGEST INTEREST CAN HSG SOC CAN CHARGE ME. FOR MY PENDING DUES.

Advocate Rohit (Advocate) 19 October 2012

As per Sec. 72 of the Bye Laws of the Co-op Hsg. Soc. interest @ 21% can be charged maximum by the society against the outstanding dues from the member.

Regards,

Advocate Rohit Dalmia

9324538481