14.8.19 Formation of Co-operative Housing Societies, and their Federations for buildings in URS

Commissioner shall cause formation of Co-operative Housing Society for each and every building, either separately or collectively as he may deem fit and shall cause to be deposited 25% of the amount of consideration received from the allottees of such building, in a ―Building

Maintenance Fund‖ to be utilised by the Co-operative Housing Society of the allottees of such Building, as per the guidelines framed by the Corporation. In addition, the Commissioner shall cause to be deposited 25% of the amount of consideration received from the allottees of each and every rehabilitation and relocation in URC building, in another Maintenance Fund called ―URC Maintenance Fund‖ to be set up, by the Commissioner, for the dedicated use of maintenance of common facilities / amenities in the URC by the Corporation. The utilisation of the URC maintenance Fund shall be in accordance with the guidelines framed by the Corporation.