RERA Rules : Rules of real estate project are going to change, 3 bank accounts will have to be opened

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Real Estate Sector: Real estate sector regulator RERA has sought suggestions from all stakeholders on these changes till April 15.

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Real Estate Sector: Rules have been changed for the real estate sector. Now developers will have to open 3 bank accounts for every real estate project. The bank accounts of all three will be in the same bank. This will bring transparency in real estate projects.

Maharashtra Real Estate Regulatory Authority (RERA) has given this proposal. According to MahaRERA, the new rules will make efficiency, compliance and audit of real estate projects easier. Apart from this, revenue, interest rates, refund and cancellation processes will also become faster and easier.

Project money will have to be kept in three accounts

According to MahaRERA, these changes are being made with the aim of providing more facilities to the customers in real estate projects. Every real estate developer will have to open 3 accounts in the same bank for a project. One of these will be a collection account, the second will be a separate account and the third will be a transaction account. The money paid by the customers will come into the collection account.

Apart from this, money related to tax and duty will also be kept in it. 70 percent of the project’s revenue will be sent to a separate account through the collection account. This money can be used only for land and construction costs. 30 percent 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 cost. In case of cancellation of booking or penalty, money will be given from this account.

You can give suggestions till 15th April

Real estate regulator MahaRERA has issued a discussion paper regarding these changes. Suggestions on this have been sought from all stakeholders till April 15. MahaRERA Chairman Ajoy Mehta said that we want to complete the real estate projects on time.

We also want to ensure transparency and accountability. Collection account, separate account and transaction account will ensure proper utilization of funds. A final decision on this will be taken only after receiving all the suggestions.

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