GujRERA Orders Developers to Open Project Bank Accounts in Gujarat
The Gujarat Real Estate Regulatory Authority (GujRERA) has directed all real estate developers in the state to open separate project bank accounts in Gujarat.
GujreraGujarat Real Estate Regulatory AuthorityReal Estate DevelopersSeparate Bank AccountsScheduled Bank BranchesReal Estate MaharashtraSep 25, 2024
According to the RERA Bank Account Directions 2018, developers are required to maintain separate bank accounts for each project. The accounts must be opened in a scheduled bank branch in the state of Gujarat.
The GujRERA has directed developers to comply with the order and open separate project bank accounts in Gujarat. The authority has also warned that failure to comply with the order may result in penalties and other consequences.
The move is seen as a positive step towards bringing transparency and accountability in the real estate sector. It will also help to protect the interests of homebuyers and ensure that developers use the funds collected from them for the intended purpose.
The Real Estate (Regulation and Development) Act, 2016, was enacted to regulate the real estate sector and protect the interests of homebuyers. The Act requires developers to maintain separate bank accounts for each project and use the funds collected from homebuyers for the intended purpose.
The Gujarat Real Estate Regulatory Authority (GujRERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. The authority is responsible for regulating the real estate sector in the state of Gujarat and protecting the interests of homebuyers.
Tags GujRERA, Gujarat Real Estate Regulatory Authority, Real estate developers, Separate bank accounts, Scheduled bank branches, South Gujarat, Project-linked bank accounts, Enforcement of GujRERA orders, RERA Bank Account Directions 2018
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Frequently Asked Questions
What is the purpose of the GujRERA's order to open separate project bank accounts in Gujarat?
The purpose of the order is to ensure transparency and accountability in the real estate sector and protect the interests of homebuyers.
Which developers are required to comply with the order?
All real estate developers in the state of Gujarat are required to comply with the order.
What is the penalty for non-compliance with the order?
Failure to comply with the order may result in penalties and other consequences.
What is the benefit of opening separate project bank accounts in Gujarat?
It will help to protect the interests of homebuyers and ensure that developers use the funds collected from them for the intended purpose.
What is the role of the GujRERA in regulating the real estate sector?
The GujRERA is responsible for regulating the real estate sector in the state of Gujarat and protecting the interests of homebuyers.
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