Supertech to hand over maintenance to Emerald Court

The real issue will be handling of IFMS money running into crores

Those who think buying a flat after due diligence is the safest way to go, must google and read stories about how builders can make your life miserable once you shift in your brand new home. In several cases, the RWA which is formed during the developer's time, can also play that role. Again, it's not always the developer who gets his sympathisers to form the RWA as it happened in Purvanchal Silvercity II case in Greater Noida where a handful of residents with mala fide intentions formed the association to finally get dissolved by Allahabad High Court. It's always the society funds running into crores that make these Realtors and dubious RWAs to cling on to maintenance, housekeeping and of course, security which alone costs a crore-plus to a normal socierty with let's say, 70 guards manning 15-16 highrises.That's a lot of money but hold on, there are two other major money earning avaneues: IFMS (interest free maintenance security, or sinking fund),and electricity recharge.Almsot all societies have single point connection these days, which means NPCL or UPPCL sends a single bill to the society. The RWA or the builder collects the money through recharge coupons issued according to electricity consumption.In the IFMS case, the money is deposited in a fixed deposit.But if the RWA wants to play dirty,it can take a loan against the fund or simply finish it off by hiding the fact from residents.Those who raise their voice against such corrupt practices are physically assaulted by hired goons. But that's another story for some other time. As for power recharge money,residents realise after three months that the RWA never deposited the money to the power company when the society power is cut.Silvercity II, AVJ Heightss and several other societies are proof it happens.Back to story of the day, Supertech Emerald Court residents protested recently and forced the builder to hand over maintenance to its RWA.You'll remember the RWA of the housing society in Sector 93A had earlier taken on the developer on the construction of two residential towers in Phase-2 of the project - Apex and Ceyane - which they alleged was against building norms.A legal battle followed, and the Allahabad High Court ordered the two towers demolished. The case has since moved to the Supreme Court, which has stayed the HC order as it holds hearings.Supertech conveyed its decision to hand over maintenance to the RWA after a sit-down demonstration by around 200 residents of the society, which saw its first occupants move in eight years ago, though it wasn't another six years till the RWA was formed.The residents also demanded transfer of all maintenance funds that they have given to the builder.The Supertech management also agreed to transfer accounts and relevant documents to the RWA.So far so good but the real problem that we see is the IFMS money running into Rs 8 crore (approx), which might start ugly fights between different factions of the RWA. We just hope the present RWA is able to take all residents along on the issue as they did during the twin towers' issue. All the best, but it's not going to be easy, mind it.