I’puram: Non-payment of IFMS remains bone of contention between AOAs, builders
I’puram: Non-payment of IFMS remains bone of contention between AOAs, builders
Ashish Srivastava
I’puram: Non-payment of IFMS remains bone of contention between AOAs, builders
Photo: City Spidey

I’puram: Non-payment of IFMS remains bone of contention between AOAs, builders

The AOA of Sunrise Greens is in a legal battle with its builder Jaipuria as the latter has not paid Interest Free Maintenance Security (IFMS) amounting Rs 4 crore. The AOAs of Gaur Valerio and Amrapali Village had earlier approached Ghaziabad Development Authority (GDA) against their builders as both the societies have also not received IFMS after the maintenance was handed over to them.

This situation is almost the same in most of the societies in Indirapuram. The residents have approached either GDA or court in hope to receive IFMS from their builders. But, there has been no headway.

Suman Pal, President of Sunrise Greens, said that they had to move to the court because their builder went at large even before completing the project.

“We had approached GDA several times but they only assured us to resolve the matter in a face to face meeting with the builder which never happened,” he said.

“Our society collected around Rs 4.5 crore and spent on the infrastructure so that we can live without the fear of any mishap,” he added.

Maheshwaran Nair, Secretary of Amrapali Village RWA, said that the GDA’s power to deal with such cases is very limited. “In our case, the builder has not transferred Rs 2.5 crore of IFMS fund. We approached GDA. They directed the builder to pay the amount several times but we are yet waiting for it,” he said.

On the other hand, the AOA of Gaur Valerio is planning to file a case against its builder Gaursons India Limited. “Over Rs 1 crore of IFMS fund has not been transferred by the builder. We have sent notices and will soon file a legal suit against him” said Rajiv Munshi, Secretary of Gaur Valerio.

It is a thing to wonder that even after approaching GDA, the cases have not been solved.

VK Singh, Officer on Special Duty in GDA said that they can merely mediate between the parties. “We don’t have the power to take action against the builder,” he said.

Alok Kumar, FedAOA President, said that the problem is with the act. It doesn’t specify the redressal avenue for most of the conflicts which crop up between the builder and the buyer.

“UP Apartment Act 2010 only prescribes and regulates the real estate sphere but provides no remedy in case of the violation of the majority of the sections and provisions. It is also not clear from the Act as to whom or which authority is to be approached in case of the violations of the sections,” he said.

Kumar said that IFMS is the backbone of any society as it is used at the time of emergency. He also suggested that to discourage the builder from holding IFMS, an interest should be levied on it. “It should be made Interest Bearing Maintenance Security (IBMS),” he said.

Kumar further said that the matters related to IFMS should be covered in the RERA court to speed up the justice delivery.

“RERA has the obligation to solve matter within 60 days. It will speed up the IFMS matter pending for many years,” Alok said.

Federation of Apartments Owners Association wrote a letter to the Chief Secretary of Uttar Pradesh requesting the necessary amendment in the Act.

“I would request you to insert some sections in the UP Apartment (Promotion of Construction, Ownership & Maintenance) Act, 2010 for providing a remedy to its stakeholders by way of filing complaints before the Real Estate Regulatory Authority itself,” read the letter.