Rajasthan RERA Cracks Down on Builders: Submit Architectural Drawings and Separate Bank Accounts Now
Rajasthan Real Estate Regulatory Authority directs builders to submit detailed architectural drawings and open three separate bank accounts for each project.
Rajasthan ReraReal Estate RegulationArchitectural DrawingsBank AccountsBuildersPromotersReal EstateJun 13, 2024
The directive, which was decided upon in the Authority's 18th meeting held on June 7th, requires promoters to submit architectural drawings while applying for a Completion Certificate/Occupancy Certificate in the Post Registration module. These drawings must include all floors, including stilt floor workings, typical floor plans, and terrace floors. Additionally, they should feature 3-D views if available, elevation and section details, and specific information regarding staircases, balconies, railings, finishing, and painting.
Crucially, these drawings must be sealed and signed by an architect registered with the Council of Architecture, ensuring they meet professional standards and regulatory requirements. The Authority has specified that the drawings should be detailed and accurate, leaving no room for ambiguity.
Furthermore, the directive mandates the opening of three separate bank accounts for each project. These accounts are to be categorized as Collection Account, Retention Account, and Promoter's Account, each named to reflect the promoter's and project's names in a specified format.
The move is seen as a significant step towards regulating the real estate sector in Rajasthan, which has been plagued by issues of delayed possession, poor quality of construction, and lack of transparency.
Rajasthan Real Estate Regulatory Authority (RERA) was established to regulate the real estate sector in the state and protect the interests of homebuyers. The Authority has been taking steps to ensure compliance with the Real Estate (Regulation and Development) Act, 2016, and has been cracking down on builders and promoters who fail to meet the regulatory requirements.
The Rajasthan Real Estate Regulatory Authority (RERA) is a statutory authority established to regulate the real estate sector in the state. The Authority is responsible for ensuring compliance with the Real Estate (Regulation and Development) Act, 2016, and protecting the interests of homebuyers.
Frequently Asked Questions
What is the Rajasthan Real Estate Regulatory Authority (RERA)?
RERA is a statutory authority established to regulate the real estate sector in Rajasthan.
What is the purpose of submitting architectural drawings?
The purpose is to ensure that the project meets professional standards and regulatory requirements.
How many separate bank accounts must be opened for each project?
Three separate bank accounts must be opened, categorized as Collection Account, Retention Account, and Promoter's Account.
Why has RERA issued this directive?
The directive aims to bring transparency and accountability in the real estate sector and protect the interests of homebuyers.
What is the significance of this move?
This move is seen as a significant step towards regulating the real estate sector in Rajasthan, which has been plagued by issues of delayed possession, poor quality of construction, and lack of transparency.
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