RERA Real Estate Developers to maintain three bank accounts for every project l Real Estate News
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MahaRERA directs real estate developers to maintain three bank accounts for every project to safeguard buyers’ interests
The Maharashtra Real Estate Regulatory Authority (MahaRERA) on June 27 said that starting July 1, real estate developers will not be able to deposit the amounts received from homebuyers in different bank accounts.
It will now be mandatory for them to maintain three different bank accounts for every project in a single bank to ensure financial discipline and timely completion of projects.
The MahaRERA said developers have been instructed to open three separate bank accounts for every project in a single bank. The first bank account will be for the amounts received from homebuyers.

In a groundbreaking move, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated that from July 1, 2024, real estate developers must maintain three separate bank accounts for each project. This decision aims to enhance financial discipline, transparency, and safeguard homebuyers' interests.

📌 What’s Changed?

Developers can no longer deposit amounts from homebuyers into multiple bank accounts.
They must now maintain three designated accounts in a single bank.
First Account: For all amounts received from homebuyers.
Second Account: An escrow account holding 70% of project funds.
Third Account: For the remaining 30% of funds.
📌 Why is This Important?
This decision is designed to ensure timely project completion and instill confidence among homebuyers by legally protecting their investments. It also prevents misuse of funds, thus protecting buyers from potential financial pitfalls.

📌 Current Practices vs. New Mandate
Previously, developers often asked buyers to deposit money into different accounts for various purposes, such as booking and amenities. The new rule will enforce uniformity and accountability, preventing such fragmented deposits and promoting financial transparency.

📌 Reactions from the Real Estate Community
Both developers and homebuyers have welcomed this move, recognizing it as a step toward improved project management and trust in the real estate sector. Gautam Thacker from NAREDCO Maharashtra stated that this decision is a win-win for everyone involved, ensuring that projects are completed efficiently and buyers' investments are secure.

🔗 Watch Now: Discover how MahaRERA's decision will impact you and the real estate market in Maharashtra!

Don’t forget to 👍 Like, 💬 Comment, and 🔔 Subscribe for more real estate updates and insights!

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