Panel discussion: The complicated technical and legal process of handover from builder to RWA

RESOURCE FOR APARTMENT BUYERS

adda-event-builder-to-association-handover
ADDA in collaboration with Citizen Matters and BAF organised an event explaining the operational and legal aspects of building handover-takeover. Pic: Bhakti G

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”.


Read More: What documents to check while buying a property in Bengaluru?


poster of the builder association handover event
A blueprint for builder-association handover. Graphic credit: ADDA

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.


Read More: Builders must get occupancy certificate before handing project over to buyers: Consumer Court


The discussion is available on ADDA’s YouTube channel and can be watched here as well.

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The News Desk at Citizen Matters puts out Press Releases, notifications and curated information useful to the urban reader.