RERA Rules for upcoming real estate projects are going to change, requiring the opening of 3 bank accounts. The regulatory authority RERA has sought suggestions from all stakeholders on these changes by April 15th.
There have been changes in the rules for the real estate sector. Now developers must open 3 bank accounts for each real estate project. These three accounts will be in the same bank. This will bring transparency to real estate projects. The Maharashtra Real Estate Regulatory Authority (RERA) has proposed this. According to MahaRERA, the new rules will make the capacity, compliance with regulations, and auditing of real estate projects easier. In addition, revenue, interest rates, refunds, and cancellation processes will also become faster and easier.
RERA Rule: Money for the project will have to be kept in three accounts.
According to MahaRERA, these changes are being made to provide more facilities to customers in real estate projects. Every real estate developer will have to open 3 accounts for one project in the same bank. Among these, one will be a collection account, the second a separate account, and the third a transaction account. The money given by the customers will come into the collection account, along with money related to taxes and duties. 70% of the project’s revenue will be sent from the collection account to the separate account. This money can only be used for land and construction costs. 30% of the money received in the collection account will be kept in the transaction account. The money in this account will be used for expenses other than land and construction costs or in case of booking cancellation or imposition of fines.
Suggestions can be given by April 15th.
The Maharashtra Real Estate Regulator has issued a discussion paper on these changes. Suggestions have been sought from all stakeholders by April 15th. Ajay Mehta, Chairman of MahaRERA, said that we want to ensure that real estate projects are completed on time. We also want to ensure transparency and accountability. We will ensure the proper use of funds in the collection, separate, and transaction accounts. A final decision will be taken only after receiving all suggestions.
