Currently, many developers draw payments in different bank accounts for different purposes booking amount, main payment and amenities like clubs and parking.
To ensure compliance, enhance efficiency, transparaccountability and ency, uniformity in financial operations of housing projects, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated developers to open three bank accounts in a single bank, thereby securing and protecting money of home buyers.
The developers have been asked to open three separate accounts - 'RERA Designated Collection Account' for 100% revenue from the flat buyer; 'RERA Designated Separate Account' for 70% of funds allocated for project land and construction; and 'RERA Designated Transaction Account' for balance 30% of funds. Projects with more than one promoter will also have the flexibility to open a 'RERA Designated Master Account' to receive all collections from the home buyers.
Bu hikaye The Free Press Journal dergisinin June 28, 2024 sayısından alınmıştır.
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Bu hikaye The Free Press Journal dergisinin June 28, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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