It is important that owners of apartments, in a building where common areas are shared between owners, take steps to set up an owners association. RERA’s Law 27 of 2017 regulating the real estate sector sets a framework for the creation and operation of owners associations. A new resolution was also recently issued by RERA that provides some practical steps. The following overview explains the steps to be taken:
RERA encourages owners associations needing support in setting up the association and registering documents to seek help from an Owners Association Manager licensed by RERA. See the website for information about licensed association managers. You can also obtain copies of Law 27 of 2017 and Resolution 7 of 2018 regulating Owners Associations and Joint Properties.