Mustafa Loliwala 05 January 2019

society interest charges

sir, can society charge interest on work left incomplete by builder and we members are paying up to complete necessary amenities like lift, compound paving etc

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5 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 05 January 2019

What are the terms and conditions agreed by the society members and builder? is there any written agreement?

Mustafa Loliwala 06 January 2019

Sirji first, thank you very much for responding,

No agreement at all with builder & he's least interested in completing balance work.
Some members want to complete the building work at earliest n get CC/OC & all other approvals, so as to increase value of building.

Fortunately our society is registered, but now committee members are asking for money to complete balance work or interest to be paid on balance amount which was being collected.

This interest issue is not approved by many members as majority have bought in resale at a substantial price