1 story from 1 source
Day’s Recap is unavailable for this topic and date. Feel free to go through our curated list of stories below.
A curated list of other prominent stories from this day.
UP-RERA has amended its rules to create a formal framework for collecting, holding, transferring, and using Interest Free Maintenance Security (IFMS) funds in registered projects. Promoters must park IFMS in a separate bank account and transfer the full corpus to the RWA or association of allottees when common areas are handed over.
4:00 AMEconomic Times RealtySummary
UP-RERA has amended its rules to create a formal framework for collecting, holding, transferring, and using Interest Free Maintenance Security (IFMS) funds in registered projects. Promoters must park IFMS in a separate bank account and transfer the full corpus to the RWA or association of allottees when common areas are handed over.
Why it matters
It changes the balance of power in post-handover maintenance by securing resident-controlled funds and constraining builder discretion over IFMS.
Make it yours
Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!