In a bid to enhance transparency and accountability in the real estate sector, MahaRERA has made it mandatory for developers to maintain separate bank accounts for home buyers' money.
MahareraReal EstateHome BuyersBank AccountsFinancial DisciplineTransparencyReal Estate MumbaiJun 27, 2024
The directive mandates developers to open three separate bank accounts in a single bank to manage home buyers' funds.
The three accounts are: 'RERA Designated Collection Account', 'RERA Designated Separate Account', and 'RERA Designated Transaction Account'.
The purpose is to ensure transparency, financial discipline, and better monitoring of transactions.
No, developers cannot withdraw funds from these accounts without proper authorization.
The directive is expected to benefit home buyers, enhance the credibility of the real estate sector, and ensure timely project completion.
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