The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) introduced a new framework for the collection, management, investment, transfer and utilisation of Interest Free Maintenance Security (IFMS) funds collected from homebuyers in July, as per a PTI report.
Amended provisions to the UP RERA (General) Regulations, 2019, incorporated under Regulation 47, came into effect the same month.
“The amendment aims to ensure transparency, accountability and financial discipline in the collection, investment, transfer and utilisation of IFMS funds. Homebuyers deposit this amount for the long-term maintenance of common facilities. Therefore, it is essential that the fund remains fully secure and is utilised only for its intended purpose,” UP RERA Chairman Sanjay R Bhoosreddy said.
He added that the new provisions would safeguard the interests of allottees through proper collection, secure investment, timely transfer and mandatory audit of the IFMS corpus while strengthening the role of RWAs in the management of real estate projects.
Here's what homebuyers looking to purchase houses in Noida and Lucknow need to know:
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