Section 5: Promoter to maintain separate account of sums taken as advance or deposit and to be trustee therefor and disburse them for purposes for which given

Q: What does Section 5 of The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA) deal with?

Section 5 MOFA pertains to "Promoter to maintain separate account of sums taken as advance or deposit and to be trustee therefor and disburse them for purposes for which given". It is part of the The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963, a legislation enacted by the Parliament of India. Section 5 of The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA) governs promoter to maintain separate account of sums taken as advance or deposit and to be trustee therefor and disburse them for purposes for which given. As verified on 19 May 2026.

Q: Is Section 5 MOFA still in force?

Yes, Section 5 of the The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 is currently in force across the Republic of India.

Q: What is धारा 5 MOFA?

धारा 5 MOFA is the Devanagari Hindi reference for Section 5 of the The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963. Section 5 of The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA) governs promoter to maintain separate account of sums taken as advance or deposit and to be trustee therefor and disburse them for purposes for which given. As verified on 19 May 2026.

Q: What is Dhara 5 MOFA?

Dhara 5 MOFA is the Roman Hindi reference for Section 5 of the The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963. "Dhara" means "Section" in Hindi. Section 5 of The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA) governs promoter to maintain separate account of sums taken as advance or deposit and to be trustee therefor and disburse them for purposes for which given. As verified on 19 May 2026.

Q: How to cite Section 5 of The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963?

Cite as: "Section 5, The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA)" in legal briefs. For academic writing, use the BlueBook format: The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963, § 5 (India).

Law on Tips Editorial Board

- The promoter shall maintain a separate account in any bank of sums taken, by him, from persons intending to take or who have taken flats, as advance or deposit including any sums so taken towards the share capital for the formation of co-operative society or a company, or towards the outgoings (including ground rent, if any, municipal or other local taxes, taxes on income, water charges, electricity charges, revenue assessment, interest on any mortgage or other encumbrances, if any); and he shall hold the said moneys for the purposes for which they were given and shall disburse the moneys for those purposes and shall on demand in writing by [a Competent Authority] [These words were substituted for the words 'an officer appointed by general or special order by the State Government for the purpose' by Maharashtra 4 of 2008, (w.e.f. 25-2-2008), Section 3.], make full and true disclosure of all transactions in respect of that account.