blogsblogsblogsblogs
  • Home
  • Features
    • Communication
    • Data Management
    • Accounting
    • Gatepass
    • Registers
  • Blog
  • Contact
  • Login

Sinking Fund Housing Society – Why Society Need It?

    Home Housing Society Bye Laws Sinking Fund Housing Society – Why Society Need It?
    NextPrevious
    Sinking Fund for housing Society

    Sinking Fund Housing Society – Why Society Need It?

    By admin | Housing Society Bye Laws, Housing Society News, Housing Society Related | Comments are Closed | 15 March, 2018 | 1
    Sinking Fund Housing Society – Why Society Need It?

    It is risky to continue occupation of a building which has run its life. A provision has been made in the byelaws, enabling a co-operative housing society to collect contributions towards a sinking fund from members at a fixed rate per month. The rate fixed under the bye-laws is 1/2 per cent per annum of the cost of construction of a flat, payable in equal monthly instalments, as provided under bye-law No. 67(b)(i) of the bye-laws from the set revised in 1976. A building sinks in course of time due to its wear and tear but the land remains as it is even if the building collapses.

    The basis on which the cost of construction of tenanted structures should be fixed: There are some cases which pose problems to societies in adopting the basis for the purpose of fixing the amounts of contributions from members towards the Sinking Fund. There may be societies which have newly constructed buildings as also old tenanted structures, the tenants of which have joined the structures.

    There may be some other societies, in which new flats are constructed over the old tenanted structures and tenants thereof have joined the societies. The cost of these old structures is much less than that the cost of construction of the new flats and the contributions from the members of the tenanted structures based on such cost are practically negligible.

    A society having a separate old structure on a part of the plot on which a new building is constructed, should ascertain from an architect the future life of the structure and fix the amount of contribution from each member, taking into consideration the cost of reconstruction of a new building thereon, of equal size, if the tenants do not desire new accommodation of large size, at the time when the structure would become due for reconstruction, the area of each flat and the accumulation of the amount of contribution to the sinking fund invested in long term deposit along with interest at the time of starting reconstruction of the structure.

    In the latter case, the members of the tenanted structure, on which new flats are constructed have to bear in mind that the reconstruction of the building would include the reconstruction of the structure.
    The rate per sq. ft. of reconstruction of the flats is bound to be uniform for all flats. It, therefore, follows that the value of the old structure, for the purpose of fixing the amount of contribution to the sinking fund should be based on the rate per sq. ft. of construction of new flats on the old structure. This would enable the society to build up its sinking fund equal to the cost of reconstruction of the building in course of time.

    Source: Times Of India (Link)

    Accounting of housing Society, Apartment Accounting Software, Bye Laws for Sinking Fund, GST Software Housing Society, Housing Society Billing Software, Housing Society Bye Laws, Housing Society Software, How to Calculate Sinking Fund, Sinking Fund For Housing Society, Sinking Fund Housing Society Why Society Need It, Society Accounting Software, Society Billing Software

    admin

    More posts by admin

    Related Post

    • USE OF SINKING FUND

      By admin | 0 comment

      HOUSING SOCIETY CAN DECIDE ON USE OF SINKING FUND – 4th Dec, 2020 TIMES OF INDIA – MUMBAI PAGE 5 Prior to 2014, housing societies have to approach co-operative department to get permission to useRead more

    • Image of a group of housing society members discussing society management guidelines and regulations as per Maharashtra Co-Op Bye Laws.

      Housing Society Management as per Maharashtra Co-Op Bye Laws

      By admin | 0 comment

      Managing a housing society as per Maharashtra Co-Op Bye Laws can be a complex and challenging task. As per the Maharashtra Co-Op Bye-Laws, there are several rules and regulations that housing societies need to adhereRead more

    • Renting or Sub-Letting Flat in Housing Society

      By admin | 0 comment

      (1) A member shall intimate to the society, of subletting his flat or giving on leave and license basis or care taker basis or parting with its possession in any other manner, however the memberRead more

    • Procedure For Utilization of Sinking Fund

      By admin | 0 comment

      1) Sinking Fund may be used by the society for the reconstruction of its building or carrying out strucatural additions or alteration to strenthen the building as per the opinion of the society’s Architect. 2)Read more

    • Procedure To Recover Dues From Housing Society Maintenance Bill Defaulters

      By admin | 0 comment

      Procedure To Recover Dues From Housing Society Maintenance Bill Defaulters In current situtation running a society smoothly depends on how much cash reserves the society has in its bank. Few socitities doesn’t feel that muchRead more

    • How To Calculate Maintenance Charges For Your Housing Society?

      By admin | Comments are Closed

      How To Calculate Maintenance Charges For Your Housing Society? You bought an apartment and you moved in with your family and household items. But have you given a thought about maintenance? Though you own theRead more

    • Housing Society Security Guard PF

      सोसायटी रखवालदार पीफए बाबत तपासणी निर्णय

      By admin | 0 comment

      Read more

    NextPrevious

    Categories

    • Apartment Accounting Software
    • GST on Housing Society
    • GST Software Housing Society
    • Housing Society Accounting Software
    • Housing Society By-Laws
    • Housing Society Bye Laws
    • Housing Society News
    • Housing Society Related
    • Sinking Fund in Housing Society
    • Uncategorized

    Recent Blogs

    • Simplify Your Accounting with SocietyRun -Housing Society Accounting Software
    • Housing Society Management as per Maharashtra Co-Op Bye Laws
    • Procedure For Utilization of Sinking Fund
    • Renting or Sub-Letting Flat in Housing Society
    • USE OF SINKING FUND

    Categories

    • Apartment Accounting Software
    • GST on Housing Society
    • GST Software Housing Society
    • Housing Society Accounting Software
    • Housing Society By-Laws
    • Housing Society Bye Laws
    • Housing Society News
    • Housing Society Related
    • Sinking Fund in Housing Society
    • Uncategorized

    Annual Archive

    • 2023
    • 2021
    • 2020
    • 2019
    • 2018
    • 2017
    • 2016
    • 2015
    • 2014
    • 2013
    Copyright 2019 www.convivialsolutions.com | All Rights Reserved
    • Home
    • Features
      • Communication
      • Data Management
      • Accounting
      • Gatepass
      • Registers
    • Blog
    • Contact
    • Login
    blogs