Building replacement fund of co-op Society

Rule 94 of the DCS Rules, 2007. Creation, maintenance, utilization of building and replacement fund- or “Building replacement fund of Co-Op Society”.

(1) Every co-operative housing society shall create and maintain corpus of funds, for building maintenance and for replacement of building separately, according to the necessity and requirement of the cooperative housing society. Funds for these funds shall be fixed annually by the general body as a part of the co-operative housing society’s annual budget.

( b) Building replacement fund; General Body shall fix the rate on area basis, periodically, which shall be payable annually to facilitate the co-operative housing society to replace its building in course of time due to ageing. The fund raised for this purpose shall be kept separately and its utilization shall be permissible based on structural audit of the building by registered architect with the approval of the general body. Any default in payment of demand for this purpose raised by the co-operative housing society shall be recoverable as arrears of land revenue through the Registrar.

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Explanation “Building replacement fund of Co-Op Society” :-

(i) In case of Co-operative house building society, amount of fund shall be based on the fact whether the services are being maintained by the co-operative house building society or have been transferred to the local body.

(ii) Co-operative Group Housing Society-

(a) The building maintenance fund shall be realizable from the date of handing over of the possession of the flats to the members by the co-operative housing society.

(b) The building replacement fund shall be realizable after five years from the date of issue of permission to occupy flats or completion certificate, whichever is earlier.

IN CASE OF ANY QUERY OR ASSISTANCE REQUIRED YOU MAY LEAVE A REPLY BELOW

3 Comments

  • Satya Pal says:

    Sir, Can a CGHS governed by Delhi Cooperative society act 2003 and rule thereunder collect one time amount for replacing the pipelines and installing the water meter with the approval of Spl. GBM. Spl.GBM has only pass the resolution to replace the pipelines and install watermeetr but details and amount to be incurred on this project was not placed before the SGBM. Further, the MC has started the work without completing the codal formalities and raised the demand of Rs 12000/- per falt at a total cost of Rs. 15,00,000/-. Please guide us on this matter.

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  • philip george says:

    Is it mandatory for cooperative housing society to have building and replacement fund after 5 of completing of society. how to operate the fund

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  • Advocateji says:

    Dear George, It depends upon members as per DCS ACT. The operation of fund and proper method can be known from senior or experienced persons or from any or our legal expert.

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