Every management entity must provide a bank guarantee in favour of the DLD to act as a security deposit. This deposit is specifically intended to be used to remedy any damage sustained by Common Parts or Common Facilities caused by the entity's omis…
Every management entity must provide a bank guarantee in favour of the DLD to act as a security deposit. This deposit is specifically intended to be used to remedy any damage sustained by Common Parts or Common Facilities caused by the entity's omission or negligence. If the entity fails to repair the damage within a set time limit, RERA can appoint another entity to do the work and deduct the costs directly from this bank guarantee. This protects the owners from management failures.
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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