How much sinking fund and repair fund should a society collect? सिंकिंग फंड व दुरुस्ती निधी किती असावा?
Short answer
Under bye-law 13, the repair and maintenance fund is as fixed by the general body, but at least 0.75% of the flat's construction cost a year. Sinking fund at least 0.25% of construction cost a year (excluding land cost, certified by an architect). Major repair fund as needed, in proportion to area. Education and training fund Rs. 10 per flat per month.
Related bye-laws
Bye-law No. 13: Repairs, Major Repairs, Sinking and Education Funds
Repairs & Maintenance Fund: rate fixed by the general body, minimum 0.75% per year of the construction cost of each flat. Major Repairs Fund: as required, pro-rata on area. Sinking Fund: minimum 0.25% per year of construction cost (excluding land), as certified by the architect. Education & Training Fund: Rs. 10 per flat per month or as decided.
Bye-law No. 14: Utilisation of funds
Reserve and Repairs Funds are used for repairs, maintenance and renewals. The Sinking Fund is used, on a general body resolution, for reconstruction, structural changes or heavy repairs certified by the architect. All funds are used only with prior approval of the general body.
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