The law mandates that all Service Charges must be deposited into a dedicated Service Charges account at a bank recognised by RERA. These funds are legally protected and may not be subject to attachment in favour of the management entity's creditors.…
The law mandates that all Service Charges must be deposited into a dedicated Service Charges account at a bank recognised by RERA. These funds are legally protected and may not be subject to attachment in favour of the management entity's creditors. Furthermore, the funds can only be used for ten specific purposes, such as cleaning, security, insurance, and maintenance of common parts. This ensures that owners' money is spent solely on their property and is shielded from the manager's personal business liabilities.
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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