UP RERA releases guideline for utilisation of IFMS fund

UP RERA has introduced new regulations for collecting maintenance security funds. Developers must now deposit these funds in designated bank accounts. Collected amounts will be invested in high-interest fixed deposits for safety. Promoters must transfer the entire corpus to the Residents' Welfare Association. These funds are exclusively for common area maintenance and repairs.

Raccontata daeconomictimes.indiatimes.com