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When builders hand over an apartment, they collect IFMS as a form of security. If the owner of the apartment is unable to pay the monthly maintenance fees for the common areas, the builder will use this security deposit.
According to the law, IFMS funds must be given to the Association of Apartment Owners (AOA) because, under local law, an AOA is the designated body responsible for maintaining a group housing's common areas and services as soon as the occupancy rate in the relevant group housing reaches more than 60%.
However, despite there being U.P. Apartment Act, neither formation of an Apartment Owners Association is easy nor taking the handover of common areas facilities and IFMS is easy.
What are the steps required for recovering IFMS and Sinking Fund from a builder/ promoter by an AOA?
Find vacant apartments, independent spaces, or stores in the relevant Group Housing.
A clear agenda of common expenses, their current status, and recovery strategies should be requested at the Association's General Body Meeting.
Passing a resolution designating the unpaid IFMS and Sinking Fund as common expenses that must be covered by the promoter and charging them to the promoter's unsold apartments, stores, and independent areas is the next step in the GBM.
Request the competent authority to recover the IFMS and Sinking Fund from the promoter as unpaid land revenue in an application under section 20(2) that is attached to the minutes of the GBM and requests that the competent authority issue a recovery certificate.
A recovery citation directed at the District Magistrate / Collector and applicable to the Promoter will be issued by the appropriate authority.
By using the authority granted to it by the U.P. Revenue Code, 2006 and its Rules, 2016, the District Collector must obtain the IFMS and Sinking Fund from the promoter. To do this, the District Collector must auction the unsold apartments and deposit the proceeds in the AOA's account.
One may seek the Hon'ble High Court for a writ of mandamus for the fulfillment of the statutory duty in the event of any type of delay on the part of the competent authorities or the District Collector.
I hope this helps:)
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How to get the refund of IFMS to the allottees?
H K Bahl
310 Views
1
1 Year
2023-06-26T09:19:38+00:00 2023-06-26T16:49:09+00:00Comment
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