Vipul Greens: RWA hassled due to non-payment of IFMS by developer
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Vipul Greens: RWA hassled due to non-payment of IFMS by developer

Builder has not transferred the IFMS fund after the hand over of maintenance to the RWA.

Vipul Greens: RWA hassled due to non-payment of IFMS by developer

The Residents Welfare Association (RWA) of Vipul Greens, located in Sector 48, Gurugram, is facing a lot of trouble while carrying out maintenance and repair works in the society due to non-payment of Interest Free Maintenance Security (IFMS) deposits amounting more than Rs 10 crore by the builder.

They informed that the builder had not transferred the IFMS fund even after the maintenance of the society was handed over to the RWA in April 2018.

In February this year, the RWA had filed a petition with National Company Law Tribunal (NCLT) against its builder Vipul Limited over the non-payment of IFMS.

(Retd) Brig JJS Bhalla, General Secretary of the society said that the issue has become a major concern for the residents as it adversely affecting the functioning of the society. 

He said, “We have been approaching the builder since May last year to make the payment. When all our efforts bore no result, we filed a case in NCLT against the builder in February this year. The builder is deliberately delaying the transfer of deposits.”

The society has around 644 flats in 23 towers. Due to fund crunch, many repairing and renovation work have been hampered. 

According to residents, the society needs urgent repairing as many towers have developed cracks and plasters are coming off from the building giving it a complete shabby look. Many internal roads also need to be repaired too.

Sant Kumar Verma, RWA Executive Member said, “They are only dragging the matter in court and keep taking the adjournment on frivolous ground. We are hoping that the verdict will be delivered soon on the matter.”

“Even when our money is lying with the builder, we are still facing a lot of trouble while doing any repair work in the society. The builder has developed the society 12 years ago. This is an ageing condominium and its infrastructure requires large infusion of funds for some major overhaul including repair of roads, replacement of rusted pipelines, building repairs, repair of swimming pool, replacement of safety equipment etc. The residents fear that mishaps can happen anytime,” Verma said.