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.

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8 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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  • Kapila says:

    I had booked a flat in 1989 and paid full amount in 2003 but flat has not been allotted so far.now society demands 7.5 lakhs as maintenance charges till date.do I have to pay this amount.

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  • Kapila says:

    I had booked a flat in 1989 and paid full amount in 2003.but flat is not allotted so far.now society demands 7.5 lakh for maintenance charges.since 2000.do I have to pay them

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  • DR S K GOEL says:

    In last GBM a “Building Fund” was said to have been approved in the minutes and MC forcibaly recovered the same from members – an arbitration case is going on…But in Audited Accounts as on 31.3.17, the same has been shown as “Building Replacement Fund”… On objection in the next GBM, the Treasurer said it is one and the same thing…is this correct ?..pls suggest

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  • Vikas Soni says:

    Sir….is Building Fund has to be fixed annually by GBM or it can be demanded from members every year even if approved in one GBM minutes of which reads as ..it would be payable annually ??

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  • Advocateji says:

    Dear Vikas, If the general body of members is satisfied with the utilization of building fund, then only the committee can demand further. Secondly, every AGM has to re-approve it. In case you require any assistance you may get in touch with any or our Advocate.

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  • Advocateji says:

    Dear Dr. SK Goel, This requires to read the minutes of meeting with the DCS Act and DCS Laws. Therefore, you are advised to get in touch with any or our legal expert.

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