A Service Charges Account is a bank account that a Management Entity must open for each Jointly Owned Real Property with a bank recognised by RERA. All service charges collected from owners must be deposited here within seven working days. The funds…
A Service Charges Account is a bank account that a Management Entity must open for each Jointly Owned Real Property with a bank recognised by RERA. All service charges collected from owners must be deposited here within seven working days. The funds are protected and can only be used for specific purposes like cleaning, security, maintenance, and insurance of the common parts. This ensures financial transparency and guarantees that owners' fees are used solely for the property's upkeep.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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