The Real Estate Regulatory Authority (RERA) has mandated that a builder transfer a corpus fund of Rs 16.95 lakh to the Ponda housing society, ensuring financial compliance and protecting the interests of the residents.
ReraCorpus FundPondaReal EstateHousing SocietyReal EstateApr 26, 2025
RERA stands for Real Estate Regulatory Authority. It is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to promote transparency, accountability, and consumer protection in the real estate sector.
A corpus fund is a mandatory financial reserve maintained by a housing society to cover unforeseen expenses and maintenance costs. It ensures the long-term sustainability of the housing project and the well-being of the residents.
The builder is required to transfer the corpus fund to ensure that the housing society has the necessary financial resources to maintain common areas and amenities and to handle any unexpected expenses without financial strain.
If the builder fails to comply with RERA's directive, they may face penalties and further legal action. RERA is committed to ensuring that developers fulfill their financial obligations and adhere to regulatory requirements.
The decision to transfer the corpus fund provides the residents with financial security and peace of mind. It ensures that the housing society can maintain its facilities and address any issues that may arise, contributing to a better living environment.
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