The Maharashtra Real Estate Regulatory Authority (MahaRERA) on March 15, 2024, issued a notification regarding a discussion paper in the matter of maintenance and operation of Bank Accounts of registered real estate projects.
The following has been stated: -
•Financial monitoring and discipline are core to any real estate project Section 4 (2) (l) (D) of the Real Estate (Regulation and Development) Act, 2016 therefore, mandates that seventy percent of the amount realized for the real estate project from the allottees, from time to time shall be deposited in a separate account to be maintained in a scheduled bank.
•To safeguard homebuyers' interest, ensure compliance, promote efficiency and transparency, accountability, and financial discipline as well as to have uniformity in the operation and maintenance of the bank account of real estate projects and to ensure proper and lawful utilization of the funds deposited in the designated bank account, MahaRERA has prepared a discussion paper on maintenance and operation of Bank Accounts of registered real estate projects.
•MahaRERA has invited suggestions/views/objections from all stakeholders to the proposal mentioned and elaborated in the discussion paper by April 15, 2024.
The detailed paper is given in the document attached below.
[Notification No. MahaRERA/Secy/129/2024]
