What is the Statute in property management?

The full explanation

The Statute refers to the formal set of rules and provisions that govern an Owners Committee. These rules are established and approved in accordance with the law to ensure the committee operates fairly and transparently. RERA is responsible for issuing these Statutes, which apply to all appointed committee members. The Statute defines the powers of the committee chairman and the procedures for meetings and voting. It serves as the constitutional document for owner representation, ensuring that committee members understand their rights and duties towards the building's management.