Handover From Bulider

 

Verification of Builder’s Accounts

Before the builder hands over the society, it is essential to verify the maintenance accounts maintained by the developer.

• Builders often collect maintenance charges in advance for 2–3 years from flat owners.
• At the time of handover, there may be remaining credit balances in the builder’s maintenance account.
• Each flat owner's possession date, debit, and credit balance must be verified accurately.
• Letters should be sent to all flat owners requesting confirmation of their maintenance balances.
• This documentation helps avoid future disputes or litigation from members.
• Approval from the General Body Meeting (GBM) must be obtained for proper record validation

 

Coordination with Auditor for Builder Accounts Audit

 

Builders generally provide a statement of accounts for the period during which they managed the property.

• These statements are usually not audited financial statements.
• If the society wishes to audit these accounts, it must appoint an independent auditor.
• Coordination between the society, auditor, and builder is required for smooth completion of the audit.
• The Society Consultants facilitate communication and ensure that the audit process is completed efficiently and within time.

 

Correspondence with the Deputy Registrar

 

After the society is taken over, certain formalities must be completed with the Deputy Registrar of Cooperative Societies.

• The Provisional Managing Committee must report the society takeover.
• Preliminary activities carried out by the committee must be officially documented.
• Proper communication with the Deputy Registrar office of the respective ward is required.

Our team will liaise between the society and the Registrar’s office to ensure all compliance requirements are fulfilled smoothly.