Last month only, my friend asked what happens to the sinking fund on redevelopment. As I had no idea, I researched about it. I found the conditions of the redevelopment agreement determine what happens to the deposits and finances of a housing society in India when it undergoes renovation. To the best of my knowledge, the society retains ownership of its finances, including reserve and maintenance deposits, albeit these may be utilised to pay off debts or other obligations while the project is being redeveloped.
- The redevelopment agreement often specifies how existing funds are managed. In some cases, these funds may be transferred to a designated redevelopment account.
- Members may also be asked to contribute additional funds or pay for temporary maintenance during redevelopment. Post-redevelopment, the society may refund or reallocate funds based on its agreements.
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What happens to all deposits and funds of society when it goes for redevelopment?
nilesh703
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41 days
2024-12-24T10:33:49+00:00 2024-12-24T10:33:50+00:00Comment
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