Our society is “Eden Park Co-operative Housing Society Limited”. We have started sinking fund contribution.
Resolution was passed in EGM 2016 and the resolution passed was that the sinking fund contribution will be charged as per bye laws.
We got a Certificate form Architect about cost of construction which says that the cost of construction of similar building is Rs. 1200 per sq ft.
Accordingly we have started charging sinking fund as follows:
Say if saleable area is 1000 Sq ft of a Flat.
Sinking fund amount monthly = 1000 sq ft X Rs. 1200 X 0.25% divided by 12 = Rs. 250.
Is it correct amount/method to charge sinking fund.
There are few 7-10 members in society who is challenging this method and certificate and not paying this amount, rest 90 members are not having any issue.
What to do?
I C Naik
Your society’s managing committee is working very systematically. I appreciate.
The fact that your society’s managing committee is concerned about voice of dissent of a miniscule minority speaks about the values and spirit of cooperation. This approach will help managing committee to maintain a very congenial social environment within the housing society. Keep it up.
Continuing with that spirit your society’s managing committee should pass a resolution making an ardent appeal to members NOT TO WITHHOLD the payments against the society Bills as it would attract 21% P.A. interest charge. Make sure your society has passed a resolution to charge 21% interest as provided in your society’s registered bye-laws (No. 72).
The Resolution should make a reference to Government Circular Maharashtra State Co-operation and Textile Department Government circular No. SAGUYO – 2002 / PRA.KRA. 365 / 14.SA Mantralaya extension, Mumbai – 4000032 Date: – 02 November 2002 concerning non-payment of Society Charges by members. This circular can be down loaded from following URL
https://sahakarayukta.maharashtra.gov.in/site/upload/documents/Housing%20Manual%202012%20English.pdf [Page 75&76]
You can provide copy of the same along with the copy of the resolution of the Committee meeting.
With this you have done more than normally a managing committee is expected to do.