92+ Lawyers are online 
What is the legality of corpus fund utilization by the builder
29-May-2023 (In Property Law)
I have booked an apartment in Chennai , the builder is in the process of handing over. He is asking us to sign a document telling that part of the corpus fund will be utilized for new upcoming Solar Power Plant project in the society. Further he wants to hold a part of the corpus fund for new policies/ Norms Implementation or Requisites of New Installations or Repairs if any. He will handover only the remaining amount if any to the society's account . Is this legal ? Is the builder right in doing so ? What are the remedies available to the home buyers ?
Sir,
To my understanding corpus fund is collected from the home buyers on account of building maintenance etc. is it ?, if it is so the builder has to set the solar power plant and other amenities from his own source if it is mentioned/included in the construction of booked home, if not and such solar plant is out of the scope of the builder he can utilize the money from corpus fund if all home buyers accepts the same.
To my understanding corpus fund is collected from the home buyers on account of building maintenance etc. is it ?, if it is so the builder has to set the solar power plant and other amenities from his own source if it is mentioned/included in the construction of booked home, if not and such solar plant is out of the scope of the builder he can utilize the money from corpus fund if all home buyers accepts the same.
Helpful?
47+
47+
Adv. B. Thirunavukkarasu
Chennai | 100+ Answers
CONTACT 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."
