12 Hrs
Source:
المصري اليوم
First independent account for maintenance deposits
Article 38 of the Real Estate Market Regulation Draft Law focused on separating maintenance deposit funds from the project's funds to ensure the sustainability of maintenance and operational services. The law requires real estate developers to deposit all maintenance amounts into a dedicated bank account from the outset of collection, with the aim of preventing their use for other activities and guaranteeing they are solely used for maintenance purposes. Additionally, the law specifies that maintenance funds do not become part of the project's or phase's accounts or budget, thereby protecting the rights of occupants and promoting transparency and accountability in the management of these funds.
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