The Maharashtra Real Estate Regulatory Authority (MahaRERA) on September 09, 2024, issued the clarification on an older notification no. 56/2024, dated June 24, 2024, related to Landowners having entitlement to Revenue Share/Area Share with the promoter-developer under a registered Development Agreement are required to maintain and operate the three bank accounts for the real estate project.
The following has been stated:
• It has clarified that the MahaRERA Order requires only the Promoter as declared while seeking registration under Section 4 read with Section 3 of the RERA Act to follow the MahaRERA Order relating to the opening and operation of the three bank accounts. Thus, only in those cases where the Landowners makes a declaration of his being a promoter would he be required to open the three bank accounts and operate them in the manner provided in the above-mentioned MahaRERA Order. In case the Landowner is not a promoter and it not declared as such, then there is no requirement for such a Landowner to open the three bank accounts as mentioned in the above referred MahaRERA Order. It is to be noted that wherever the word 'Promoter' has been used in Order No. 56 of 2024, it shall have the same meaning and connotation as mentioned in Section 2(zk) of the RERA Act.
This notification will come into force from September 04, 2024.
[Notification No MahaRERA/Secy/File No. 27/677/2024]
