According to an article on
, the corpus fund is a liability for the builder and the monies in the fund and the responsibility of handling the fund is transferred to the homebuyers when the possession of the flats is transferred to them. The builder collects maintenance funds from each buyer which will not be shown in the basic sales price of an apartment. The maintenance fund collected from each apartment owner is deposited as a corpus fund. Corpus Fund is generally not allowed to be utilized for the attainment of the purpose; but interest or dividend on such a fund can be utilized. The builder shall transfer the corpus fund to the Association after its formation.
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Is Builder liable to return corpus fund with interest to the society at the time of handover?
gyannathtiwariadv@gmail.com
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2023-07-14T10:40:05+00:00 2023-07-14T16:40:43+00:00Comment
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