The Maharashtra Real Estate Regulatory Authority (MahaRERA) has introduced a significant proposal aimed at enhancing financial discipline and oversight in real estate projects by suggesting the establishment of three distinct bank accounts.
According to a recent circular issued by MahaRERA, the proposal mandates the opening of three types of bank accounts for real estate developments to ensure compliance, transparency, and accountability.
The proposed bank accounts include:
A. Collection Account of the Project B. Separate Account of the Project C. Transaction Account of the Project
These accounts are intended to manage funds received from homebuyers, maintain transparency in financial operations, and ensure lawful utilization of the deposited funds.
The directive applies to projects registered after a yet-to-be-announced date, and promoters are required to furnish details of project bank accounts at the time of registration.
In response to the proposal, MahaRERA has invited suggestions, views, and objections from stakeholders, including entities connected with the real estate industry and homebuyers. Stakeholders are encouraged to submit their feedback by April 15, 2024, via the designated email address: [email protected].
The initiative underscores MahaRERA’s commitment to promoting financial discipline, safeguarding the interests of homebuyers, and fostering transparency and accountability in the real estate sector.
