Dear friends,
I purchased an apartment @Hyderabad.The builder collected one lac from each apartment owner as a corpus fund.The builder handed over the apartment on 1st of Dec 2012.He put a criteria that 1lac should be paid just before occupying the flat.out of 20 flats only 2 owners didnt pay for corpus fund.The association for the apartment is formed which named President,Vice president,secretary,Treasurer and some other members.The builder himself selected the people for above posts(like 2 land lords one is the President and other is Vice president,one family friend is secretary).it was decided to build a water softener on the terrace.but till now the builder and president didnt install it.We paid the corpus fund and we are not getting the service.The money is retained by the builder and the president says that as the association is not Registered we cant open a bank account on the association name.Is it true?secretary says that as the building is new there are no electricity bills so we cant register the Association.I asked him we can register the association with the previous electricity bills the builder got.he kept mum.I think we can open a bank account and put that money in it for the time being.please let me know what right the builder have to keep this money.
Pls advice me on this stalwarts....
thanks
