Maharashtra societies act Section 4 of the Maharashtra Ownership Flats Act a builder has to maintain a separate account in the bank for the sums collected by him from the purchasers of the flats

I have purchased a flat from a reputed builder. The society is yet to be formed and hence the maintenance charges are paid to the builder, whose nominee looks after the maintenance of the building. In the above scenario, is it the duty of the builder to circulate/inform residents about the account and if he is not informing can we ask for he same.
—Sandeep B. Sakhare

In terms of Section 4 of the Maharashtra Ownership Flats Act a builder has to maintain a separate account in the bank for the sums collected by him from the purchasers of the flats and he is to hold the said money for the purposes for which these were given and disburse the money for those purpose only. Thus, you have full right to inspect the accounts and to obtain details of collection and expenses and balance etc.