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#198/6, BSR Arcade
Gandhi Bazaar Main Road,
Next to Adyar Anand Bhavan,
Basavangudi,
Bangalore : 560 004
Karnataka, India

TEL : 91-08-42421019
MOBILE : 9742814697 / 9019112051
EMAIL : info@magnumdevelopers.com

Take over maintenance from builder

By - Magnum

Demand for flats is increasing in the last few years, thanks to rising land cost. Increasing land cost discourages middle or low income people to own an individual house in a prime locality. The growing apartment culture in cities and increasing property value encourage property buyers to invest in apartment or flats. Every apartment complex has its own apartment owners association or housing society to maintain the apartment and its amenities on daily basis. But before the formation of apartment owners association, builder or property developer maintains the apartment and its amenities. The developer collects maintenance fund from each buyer and deposited as corpus fund. The interest or dividend is used to maintain the apartment and its amenities. Once the apartment owners association is formed, the builder handover the maintenance fund and audited statement of accounts. Handover from builder to association The builder and the owner of the site develop the property on a joint venture basis. The land owner enters into a joint development agreement with a builder. The owner may also decide to retain his share of the built- up area, or may sell it off at a later stage without any involvement of the builder. The other flats are sold by the builder directly. Apartment owners can form an apartment owners association (with minimum 60% of owners) and apply to sub- registrar for registration of apartment owners association. An apartment owners association or housing society cannot escape from liability because they were unaware of its content. Therefore, an apartment owners association or housing society must have legal expert for legal advice and verification of documents relating to apartment complex and use of its amenities. Following are important documents required for take over maintenance from builder. Occupancy Certificate: Occupancy Certificate evidences the completion of the building as per the approved plan and compliance of local laws. If the builder unable to o