MahaRERA Proposes 3 Bank Account Framework for Real Estate Projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed a stringent financial framework for real estate projects, suggesting the establishment of three separate bank accounts to ensure transparency and accountability in fund management. Under this proposal, developers would be required to maintain a collection account for funds received from homebuyers, a separate account for 70% of the project's expenses related to land and construction, and a transaction account for the remaining 30% of the developer's funds. MahaRERA aims to enhance financial discipline within the sector, safeguarding the interests of homebuyers by promoting compliance, efficiency, and appropriate utilisation of funds.
The regulatory authority has published a discussion paper on its website, inviting feedback on the proposed guidelines until April 15. According to MahaRERA officials, the transaction account will serve various purposes, including covering penalties on the promoter and managing other expenditures like booking cancellations. Banks financing real estate projects will be required to verify parameters listed on the MahaRERA website, and any changes to bank accounts post-project completion will necessitate prior authorization. MahaRERA Chairman Ajoy Mehta emphasised that the final decision on implementing these guidelines, designed with customers' interests in mind, will be made following a comprehensive review of all suggestions and objections.
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