Dear all eminent lawyers,
Please let me how the sinking fund of a co-operative housing society in Mumbai is calculated.
Is it minimum 0.25% per annum of the construction cost of each flat incurred during the cost of construction of the building of the society and certified by the architect
Or
Is it 0.25% of the value of flat per annum or higher amount of the value of the flat.
This query is because the value of the flat will keep on changing as per market conditions and also everyone will have different perceptions of the value of the flat.
Also can the sinking fund be increased after some years.
Hope to see many responses and many thanks in advance for the same.
Regards,
Veerendra Darakh
