637+ Lawyers are online 
New association forcing to pay corpus fund, is it legal ?
29-Jan-2023 (In Property Law)
Recently I purchased a flat in bangalore. New association is formed during the Jun 2016. Association is requesting to make the coprus fund payment of Rs:23000, association is charging Rs 20 penalty on daily basis for the owners who didnt make payment on of before Nov 2016. Is this legal and is corpus fund refundable? Can you please suggest me what how much owner should pay as corpus fund, how should i calculate it. What are laws for defaulters and what action can be taken against defaulter...? Association is also treating the disconnect water and electricity incase if the corpus fund is not paid. Is this legal. What are the documents should i collect from association before making the corpus fund...? Association few members collected Rs 500 from all owners for formation of association and association didnt share the break up of amount utilised. What action I have to take against the association...?
Hi, Generally the corpus fund paid for period of 5 years after occupy of the flat.the fund is calculated based on the facilities you enjoy Or it is mentioned on the agreement. Failing to pay corpus fund, association can not disconnect water / electricity except to file recovery suit against you. you can talk to a lawyer with a agreement copy.
Helpful?
27+
27+
Who pays Corpus fund in redevelopment?
The fund is used to pay for major repairs or renovations. Residents Welfare Association collected the corpus funds from homeowners. The association does not have to pay GST. The buyer of a property which has been remodeled and redeveloped is still required to pay the corpus fund.
Should tenants pay corpus fund?
The tenant must pay the corpus. Dear Client, an owner of self acquired property can sell his property to anyone and the legal heirs do not have any claim on it. If your grandfather has left you the self-acquired property...
What are the benefits of a corpus fund?
A corpus fund provides an organization with a reliable and stable source of funding over time. The funds income can be generated even in times of financial uncertainty or market volatility because the principal is not touched. 03-May-2023
What is the rule of corpus fund?
The corpus fund calculation is based on the square foot. The amount may be more than Rs 1 lakh. The corpus fund will be transferred to the Sinking Fund after the formation of a housing society for major repairs, structural additions, reconstructions, or redevelopments. This is what the English word corpus fund means. 17-Jan-2022
If the association is registered and, as per its bye laws due mention of corpus funds are mentioned has to be seen. It is prudent to go through the bye laws and if it is not mentioned you can ask the Secretary of the Association to give you a written reply regarding the same.
Helpful?
33+
33+
Adv. Geetha D Philip
Bangalore | 100+ Answers
CONTACT NOW
1. If there is no mention in the byelaws of refunding corpus funds, then it is not refundable. 2. If the seller has already paid to society, then a new buyer can't be asked to pay for corpus funds.
Helpful?
Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
