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Home > Forum > Bangalore > Legal > sinking fund

sinking fund

Q: how frequently can a sinking fund be collected? Is there a limit(0.25% of construction cost) per annum? We have a association that tends to collect less maintenance charge but pops up with requests for sinking fund often. This is a result of builder not completing promised tasks and quality of construction is poor. We cannot sue the builder as the association is unable to tackle and doing improvements from the sinking fund.

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Replies (3)
1
can i have details of sinking fund discussion, maintenance charge already keeps on increasing , how often this sinking fund be collected?
shyamoli kundu


2
tx Harmeet.Is there any upper limit on this amount? How early should they inform the owners? We were given 6 months time. Society was formed about a year back. Formal AGM is yet to happen. It was decided during the monthly meetings and no paper work/voting was done. Only emails circulated. Is it legal AGM?
Bharathi


3
Hi Bharathi, Serve a notice or call for a general body meeting. Usually the minimum contribution of sinking fund is 0.25% depending on the area of the apartment. The amount can be increased as well as decreased if the general body deems fit so. Also note that the value of the land is not included in sinking fund, because at a later date only the constriction cost has to be borne by the society.
Harmeet Kaur


4

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