'Keep 3 bank A/Cs for each realty project'
MahaRERA) has proposed that every real estate project needs to maintain three bank accounts in the same scheduled bank to ensure compliance, efficiency, transparency, accountability, and appropriate utilisation.
It has proposed a 'collection account', a 'separate account' and a 'transaction account'.
The collection account will receive all payments from the allottees and account for other charges excluding taxes and statutory duties.
The separate account is where 70% of the revenue from the project will be transferred to from the collection account. This amount will be solely utilised to cover land and construction cost as stated in the laws, loan interest, refunds as well as compensation of up to 70% to the buyer.
The transaction account will have up to 30% of the revenue received in the collection account. This will be utilised to meet expenditures other than land and construction costs such as cancellation of any booking wherein the developer will be able to withdraw minimum 30% of the amount required to be paid to the allottees. Any penalties on the promoter can also be paid from this account.
The regulator has floated a discussion paper on this and invited suggestions, views, and objections from all the stakeholders until April 15.
«In the pursuit of timely housing project completion and bolstering transparency and accountability within the sector, MahaRERA's discussion paper on collection, separate, and transaction accounts seeks to have a systematic policy framework on utilisation of funds, thereby
