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RWA issues : Society in Bangalore

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RWA issues : Society in Bangalore

Last updated: December 7 2018
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  • RWA issues : Society in Bangalore

    My society is registered under 1960 Karnataka RWA act. It is not recognized by builder. I recently registered this flat in block and I came to know I need to pay previous maintenance + 18% compound interest.

    Can welfare association be eligible to charge compound interest? I checked the by-laws and it says "Interest will be payable as suggested by association". In demand note, it is mentioned 18 percent.

    There is not even a single place where it is mentioned it is compound but breakup shows calculation using compound interest.

    Last but not the least, is this welfare association valid without builders NOC and recognition?
    Last edited December 3 2018, 09:34 AM.
  • #2

    #2

    Re : RWA issues : Society in Bangalore

    Yes association can charge penalty and interest according to the bye-laws. I'm unsure what is the maximum%. But it is legal to collect.

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