According to Article (30), a Management Entity must open a dedicated Service Charges account with a RERA-recognised bank. All collected charges must be deposited into this account within seven (7) working days from the date of collection. These fund…
According to Article (30), a Management Entity must open a dedicated Service Charges account with a RERA-recognised bank. All collected charges must be deposited into this account within seven (7) working days from the date of collection. These funds are legally protected and may not be subject to attachment by the management entity's private creditors. This ensures that the community�s money is ring-fenced and used exclusively for the property's maintenance and operation.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
Ali Faizan Syed’s knowledge centre
Ask Ali about this question · Explore published properties · Browse all questions