Housing society - interest charged on special repair funds

Nilesh Shirode (Querist) 11 November 2023 This query is : Resolved
Dear Sir / Madam,
Our society is collecting the funds from members for replacement of lift, lifts will be replaced after next 6 months, in such case whether society can charge the interest on delayed payment for expenses which will be incurred after 6 months?

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This discussion addresses whether a housing society can legally charge interest on delayed payments for special repair funds, specifically for lift replacement planned in six months. The consensus is that charging interest on delayed payments for future expenses is generally unjustified and may not be legally permissible. Members are advised to question such levies and potentially refuse payment if there's no clear legal basis.

T. Kalaiselvan, Advocate (Expert) 11 November 2023
It is an unjustified levy, you can refuse to pay interest on the delayed payments and ask them to proceed legally because there is no provision in law to charge interest over such payments made in a delayed manner

kavksatyanarayana (Expert) 12 November 2023
No. They can not levy the interest on delayed payments.

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