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UP RERA Mandates Separate Bank Accounts for Maintenance Funds
Dated on: Friday 17th July 2026The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has introduced new regulations requiring developers to maintain a separate bank account for Interest Free Maintenance Security (IFMS) funds collected from homebuyers. The authority directed that these funds must remain separate from project finances and be transferred, along with the accrued interest, to the Residents' Welfare Association (RWA) or Association of Allottees during project handover. The new rules are aimed at improving financial transparency, ensuring proper utilization of maintenance funds, and safeguarding the interests of homebuyers. The initiative also strengthens accountability and promotes better maintenance management in residential projects.
