The funds had been a longstanding issue between the residents and the developer as the latter was refusing to transfer the same even after the maintenance of the society was handed over to the RWA in April 2018. The residents claimed that they had often faced trouble while carrying out maintenance and repair work in the society due to paucity of funds.
Dheeraj Garg, Vipul Greens RWA general secretary, said, “Without access to the residents’ security deposit, the condominium was on a hand-to-mouth existence. The RWA didn’t have funds for the much-needed repairs to an ageing infrastructure or for executing new initiatives. With this settlement, the residents can now create a condominium complex they deserve.”
While the RWA was registered in October 2008, the builder was managing the society till March 2018. The builder had collected maintenance security deposits at Rs 50 per sq ft of the super area of each flat, amounting to Rs 6.51 crore, from the owners. As many as 644 families are currently staying in the society.
In February 2019, the Vipul Greens RWA filed a petition with the National Company Law Tribunal (NCLT) against the builder, Vipul Limited, over the non-payment of IFMS funds. On July 12 this year, the NCLT appointed an interim resolution professional, the residents said.
“The confidence posed by the residents in the RWA was a major factor in achieving a successful amicable settlement of the deposits of all 644 residents,” said Amit Jindal, president of Vipul Greens RWA.