UP RERA mandates transfer of IFMS corpus to RWAs at project handover; new rules explained

UP RERA mandates transfer of IFMS corpus to Resident Welfare Associations at project handover.

Developers must maintain the IFMS corpus separately from other maintenance charges.

The corpus must be kept in a dedicated bank account under the amended rules.

The new rules aim to protect homebuyers' interests and ensure proper fund usage.