1) if resolution is passed in AGM that deposit be placed in fixed deposit you would not get refund of your money with interest
2) it would not be adjusted against outstanding maintenance
Security deposit refund from the CHS
Dear Sir/Madam, My case is as under- I am a member of housing society. The society is registered as per Maharashtra society rules. I purchased a flat from a builder, and as per the agreement with builder I gave him deposit for maintenance of the building. The builder had promised that he will manage building maintenance till 7 years after giving possession. But, within 2 years he formed the society, and handed over all the deposit money to the society and asked society to manage the affairs. The society has collected the deposit from the builder and kept that deposit in a fixed deposit with the bank. The residents have called meeting and discussed the matter. In that meeting few members suggested that the deposit is not sufficient to manage the expenses hence members need to pay every month a fixed amount towards maintenance. I also, started paying monthly maintenance. However, during pandemic my business is drastically slowed down and income is stopped. Hence I requested to the society to adjust my monthly maintenance against my deposit. But society has not done anything till date and it seems society is not ready to consider my request. In the records they are showing maintenance outstanding against me. I want to know whether my request is legally valid or not? Can I ask refund of my deposit with interest?Request you to please advise me in the context of law of the land. Regards, RAJKUMAR
Asked 4 years ago in Property Law
Religion: Hindu
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4 Answers
You can claim your maintenance from builder and pay to society as per their regular maintenance bills. You can send him legal notice and then file a consumer complaint.
Sir,
If you need any further assistance.You can approach me through Kaanoon or LinkedIn.
The amount deposit with the society is called as the corpus fund.
The interest accrued out of the corpus fund will remain with the society and get accumulated.
The income generated from corpus fund is treated as a part of the income of the society.
This money in this fund is usually accumulated in the fund and may be used for revenue or periodically occurring maintenance expenditure. To increase the corpus (quantum of money) the fund monies are invested in other investment options or made into fixed deposits or both to yield dividend and/or interest.
The returns yielded on these investments can then be used to meet periodically occurring expenditure of smaller amounts, while the main “corpus” is kept intact to meet a major capital expenditure that occurs on dire occasions.
The corpus fund is a reserve fund maintained by the association to meet the expenses of any major repair or renovation work. Therefore it is pertinent that all the members are required to pay the corpus fund.
Hence you cannot claim refund of the same.
Dear Client,
As per the scenario presented by you, you should submit a written complaint explaining the dispute, your grievance and complaint in full detail to any office-bearer of the society. In the next committee after the complaint is received, the Managing Committee reviews the complaint, takes a decision and communicates it to the member within 15 days.
Moreover,if you will be refusing to pay maintenance for 3 months, you might be listed as "defaulter" according to Maharashtra Cooperative Housing Societies Act, 1960 and lose your rights as a member.Maharashtra Co-operative Housing Society Bye Laws 2021 will also be applicable.
Thanks & Regards
