Dear Seniors & Experts,
We have recently formed a managing committee consisting of 12 members for Housing Co-op. Soc. There are total 250 flats in society out of which 60 are owners and rest is rented.
We had informed to Builder about this and he had proposed us that we should give him the names of officially designated Secretary/Chairman, and he will manage to open an New Bank account in the name of the society wherein he will deposit our maintenance security amount and then he shall process the partial - handover of the society to us which will empower the Committee to take the control and charge of Maintaining the Society. The Builder has informed us that there are still 20-25 flats remaining which are yet to be sold out.
Our Queries:-
1) We would also like to understand that as per The Gujarat Flats Ownership Act, how long a Builder can retain the maintenance of the Society at his own end.
2) Is it advisable for us to take this partial hand over of the society?
Regards
Vikas
