Management entities are required to create a cash reserve to cover emergency expenses or equipment replacement. This reserve is kept in an account separate from the standard Service Charges account. If this reserve is found to be insufficient during…
Management entities are required to create a cash reserve to cover emergency expenses or equipment replacement. This reserve is kept in an account separate from the standard Service Charges account. If this reserve is found to be insufficient during a critical situation, the DLD may intervene. Upon obtaining prior approval from RERA, the DLD has the legal authority to request Owners to cover these expenses. This ensures that the building�s sustainability and safety are maintained even during unexpected shortfalls.
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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