Maha RERA’s latest directive for both consumers and builders to open three separate accounts within the same bank for each project comes as a relief for both buyers and sellers. Let’s delve into the details of this significant change.
In a much-anticipated announcement, Maha RERA has introduced a new regulation that is being celebrated by both consumers and developers. This historic move by the esteemed government body aims to ease the transaction processes between buyers and builders. Here are the key features of the new rules:
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New Maha RERA Rules for Real Estate Developers (Effective July 1, 2024)
New Directive:
Starting July 1, 2024, real estate developers are required to open three separate bank accounts for each project within a single bank.
No Multiple Accounts:
Developers will no longer be allowed to deposit funds from homebuyers into different bank accounts.
Purpose:
The rule aims to ensure financial discipline and the timely completion of projects.
Account Allocation:
- First Account: For general project expenses.
- Second Account: An escrow account holding 70% of the funds.
- Third Account: For the remaining 30% of the funds.
These new regulations are designed to enhance financial management and oversight in real estate projects, ensuring greater transparency and accountability in the industry.
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MahaRERA’s latest directive for both consumers and builders to open three separate accounts within the same bank for each project comes as a relief for both buyers and sellers. Let’s delve into the details of this significant change.