The service charge budget review is mandatory for every owners association operating under the regulations of RERA. The Real Estate Regulatory Authority or RERA was formed to help the real estate sector to bring in more transparency. Every builder and developer must enrol with the RERA to be part of the real estate sector. The service charge budget review is submitted to an auditor first and only with their approval it is send to RERA.
RERA had recently introduced an online service system named “Mollak” for all the members of the sector. This portal was introduced to ensure transparency among the owners association. It is used for several purposes such as tracking the escrow accounts, service charges and even for registration of maintenance companies.
The online portal will have more roles in the service charge budget reviews, as the auditor to whom the budget review is to be submitted must be appointed by the Owners Association Management Company through Mollak with the approval of RERA. The Owners Association Management Company will follow the procedures to appoint the auditors for the Jointly Owned Properties Auditors and forward them to RERA for approval. The final decision of approving the auditor is made by RERA.
As for the service charge budget review, it should be maintained annually and submitted to an auditor registered with RERA. The approval for the service charge from RERA will only be given once it is reviewed and sanctioned by the auditor. The review of the budget is an important task for RERA, as it is necessary to safeguard the interest of the unitholders of each property. The budget review is done to calculate the service charge to be collected from the unitholders in the coming year. The budget gives an approximate idea on the expenses required to maintain and secure the common areas of a property as well.
HLB HAMT has well-experienced professionals who understand the complexities and regulatory compliance requirements on the review of the service charge budget.
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