Corpus Fund of cessed building at redevelopment in Mumbai
M N CHHIBBER
(Querist) 04 December 2014
This query is : Resolved
What is the Corpus fund that a builder should give the tenants of cessed building (Mhada), at the time of redevelopment.
We donot have a registered society.
Our redeveloper is telling that as per Mhada he will deposit Corpus fund with Mhada. Is there a Mhada rule for this? Kindly advice.
Vidhi Joshi
(Expert) 05 December 2014
Corpus fund has to be submitted to individual member of the society. Ask him on what basis he is submitting the fund with Mhada..is registration of society the reason?
Views from fellow experts solicited.
ajay sethi
(Expert) 05 December 2014
before going in for redevelopment form a cooperative housing society of members .obtain conveyance from MHADA in favour of society corpus fund can then be deposited in favour of society .
M N CHHIBBER
(Querist) 05 December 2014
Thank you all, for the advises.
Ajay Sir, ours is a tenanted cessed building, and we are told that to form a CHS we need NOC from the landlord ( who in this case is also the builder) - He says why should I give you a NOC now? as this would mean that he is giving the property to the tenants and making them owners. Please guide.
I appreciate the time you all are taking to guide me.
ajay sethi
(Expert) 05 December 2014
yes you need NOC from landlord to form society .have you signed redevelopment agreement with landlord . he cannot carry on redevelopment without consent of tenants
M N CHHIBBER
(Querist) 06 December 2014
Yes we have signed the consent and would like to know the rule/calculation of Corpus Fund.
ajay sethi
(Expert) 06 December 2014
the agreement signed by tenants with builder would have contained clause regarding corpus fund . generally corpus fund is given to society which societies generally invest for earning interest . some time it is given to individual members
T. Kalaiselvan, Advocate
(Expert) 09 December 2014
Expert Mr. Sethi has explained thoroughly about the steps to be followed in this regard, you may do so,in case of further doubts, take the help of local consultant.
