MahaRERA Mandates Builders To Maintain Three Separate Bank Accounts For Every Project From July 1

This decision follows the release of a discussion paper on the maintenance and operation of bank accounts for registered projects, which invited suggestions and objections from stakeholders on March 15, 2024.

Three Bank Accounts for Every Project

1. Collection Account of Project

Builders are required to maintain a Collection Account of the Project in a scheduled bank for each registered project. The account name should include the promoter's name and the project name (e.g., Name of Promoter + Collection Account for + Project Name). All 100% of payments from homebuyers, excluding taxes and pass-through charges, should be deposited by the builder into this account.

1. Separate Account of the project

Builders are required to establish a Separate Account of the Project in a scheduled bank for each registered project. The account should be named in the format Name of Promoter (Account holder) + Separate Account for + Project Name. Seventy percent (70%) of the collected amount should be automatically transferred by the builder into this account.

1. Transaction amount of the Project

Builders are required to establish a Transaction Account of the Project in a scheduled bank for each registered project. The account should be named in the format Name of Promoter (Account holder) + Transaction Account for + Project Name. Thirty percent (30%) of the collected amount should be automatically transferred by the builder into this account.