UP-RERA Requires Separate Bank Account for IFMS Deposits
Representative AI image NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has announced amendments to the UP-RERA General Regulations, 2019, establishing guidelines for the collection, management, transfer, and utilization of Interest Free Maintenance Security (IFMS) funds. The 12th amendment has been added under Regulation 47 and will take effect from the date of publication on the authority’s website. According to the updated regulations, promoters must collect IFMS from allottees at the time of registering a sale, lease, or sub-lease deed and deposit the amount in a designated account with a scheduled bank. The funds collected should be invested…