Given Bengaluru’s building boom, the city has a vast number of Residents Welfare Associations (RWA). But few RWA members are aware of the complex laws and rules that have to be complied with for transfer of ownership of the building complex from the builder to the RWA. The process of financial, legal, operational and other technical issues regarding the handover can be a long and tedious process.
On June 25th, ADDA, an Apartment Society Management & Accounting Software, in collaboration with Citizen Matters and the Bangalore Apartment Federation (BAF), organised an event consisting of two panel discussions and sessions on the practical to-dos, how-tos and checklists of the handover process that residents should be aware of.
The panellists and speakers included, Uday Simha Prakash (Founder, Nemmadi), Satish Mokhashi (VP, Prestige Property Management and Services), Rahul Raj (Director, RM Consultants), Ajith Alex George (Director, 42 Estates), Col. Narsimhan (Brigade Group) and Mithun Gerahalli (Lawyer). Apartment association representatives included Ishwar Dixena, Gautham Kamath and Hareesh Sivaraman.
Meera K and Arathi Manay were the moderators for the two sessions, titled, “Operational aspects during takeover: Inputs from customer service experts and MC members” and “Legal and regulatory considerations during handover: Inputs from developer representatives, RWAs and legal experts”.
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Between them, the two discussions touched upon the various steps to be followed during the process of handover, including the formation of the the residents’ welfare association, the handover of financial details and accounts, modalities and financing of common area maintenance, legal requirements related to documentation and statutory compliance, document checklists and several other important details.
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The discussion is available on ADDA’s YouTube channel and can be watched here as well.