Deposit maintenance funds in soc a/c, developer told

GUJRERA rules that developer is responsible for mgmt handover, orders developer of SoBo's Aarohi Elysium to pay Rs 3.62cr deposit

- Nikunj Soni

In an important judgment, a bench of the Gujarat Real Estate Regulatory Authority (GUJRERA) has held that a developer is bound to form a society association after the completion of the project and has to repay the lifetime maintenance deposit taken from buyers. The authority ordered the developer of South Bopal-based Aarohi Elysium to pay the maintenance deposit of Rs 3.62 crore by forming a cooperative service society.