A cinematic editorial wide shot of a luxury high-rise apartment township in Greater Noida at dusk, clean modern architectural lines, warm ambient lighting in balconies contrasting against a deep charcoal sky, manicured central greens in the foreground, 8k resolution, shot on Hasselblad H6D-100c, minimalist editorial aesthetic, restrained warm gold accents, photorealistic, no text, no watermarks.
Recommended size: 2048 × 1076
SHORT DESCRIPTION / EXCERPT:
UP RERA’s 12th Amendment mandates builders across Noida, Greater Noida, and Lucknow to deposit Interest-Free Maintenance Security (IFMS) funds into dedicated, separate accounts and transfer 100% of the corpus to registered RWAs. Here is what every homebuyer must know.
CONTENT:
For more than a decade, one of the most frustrating disputes between apartment buyers and real estate developers across Noida, Greater Noida, Ghaziabad, and Lucknow has revolved around the fate of maintenance security deposits. When buying a flat, allottees routinely pay between ₹50 and ₹150 per square foot as an Interest-Free Maintenance Security (IFMS) deposit. In a residential community of 800 to 1,500 apartments, this collective corpus easily amounts to ₹15 crore to ₹35 crore.
Historically, developers deposited these funds directly into general project or corporate accounts. In numerous instances, developers facing liquidity crunches diverted these sums into ongoing construction or commercial ventures. When Resident Welfare Associations (RWAs) eventually took over society administration, they were left with depleted accounts or forced into prolonged legal battles to recover their rightful corpus.
To end this systemic practice, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has enforced strict regulations under the 12th Amendment to the UP RERA General Regulations. This regulatory framework legally mandates every developer to maintain IFMS deposits in a dedicated, ring-fenced bank account and transfer 100% of the corpus along with accrued interest directly to the registered RWA upon project handover.