Article (36) requires every management entity to provide a bank guarantee in favour of the DLD. This guarantee serves as a security deposit to remedy any damage to common parts caused by the entity's negligence or omission. If the entity fails to fi…
Article (36) requires every management entity to provide a bank guarantee in favour of the DLD. This guarantee serves as a security deposit to remedy any damage to common parts caused by the entity's negligence or omission. If the entity fails to fix such damage, RERA uses these funds to appoint another party to fulfill the requirements. This financial safeguard ensures that owners are protected from the costs of repairing damage caused by poor management practices.
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