RERA Account

It is applicable for:

• Residential projects
• Commercial projects including shops, offices, godowns
• Plotted developments
• Ongoing projects for which completion certificate is pending
• Projects which require registration of each phase separately in case of phase-wise development.

• Projects being developed on less than 500 square metres of land
• Number of units not exceeding 8 units in all phases
• Promoter has obtained the completion certificate before the commencement of this Act
• Redevelopment projects where no new allotments are to be done
• Renovation and repairs – without involving selling and marketing of apartments, plots or buildings
• Resale of property

• As per the RERA guideline, 70% of the amount that is periodically realised for the real estate project from the allottees, will be deposited in a separate account that will be kept with us specifically to cover the cost of land and the cost of construction.
• The promoter can withdraw the amount from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project.
• The amount from the separate account can be withdrawn by the promoter after it is certified by an engineer, architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project.
• The Authority, upon the revocation of the registration, will direct the Bank holding the Bank Account created for the project, to freeze the account and thereafter take further actions, including consequent de-freezing of the said account towards facilitating the remaining development work in accordance with the provisions of the Act.