Service Charge Budget Review by RERA
Every Owners association, operating under RERA regulations, must prepare a service charge budget on an annual basis and should submit it to an auditor registered with Real Estate Regulatory Authority (RERA) for review and approval before submitting to RERA for their approval on service charge. A budget is a forecast of expenses required for maintaining and securing the common areas of the property to decide the service charge needs to be collected from the unitholders in the following year. Therefore, a review of budget is critical for RERA to safeguard the interest of the unitholders of each property.
HLB HAMT has well-experienced professionals who understand the complexities and regulatory compliance requirements on the review of the service charge budget.