The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on September 05, 2024, issued an SOP for Transferring funds to the complainant’s account as per the RERA Act.
The following has been stated namely: -
• It mandates that developers must deposit all project-related funds into a dedicated escrow account to ensure that the money is used exclusively for the project it was collected for. This segregation helps prevent the misuse of funds and ensures financial transparency in real estate transactions.
• Additionally, developers shall submit periodic financial reports to UP-RERA, adhere to accurate record-keeping and financial protocols, and are subject to audits and reviews to ensure proper fund management and compliance.
[Notification no. – 13231/U.P.RERA/Admin./2024-25]
