The Maharashtra Real Estate Regulatory Authority (MahaRERA) has proposed three separate accounts in a booked bank account to lay out components for the activity & upkeep of discrete account for MahaRERA enrolled projects and to shield buyer interests, guarantee consistence, advance straightforwardness, responsibility, and monetary discipline.
Last week, MahaRERA distributed a conversation paper on the support and activity of financial balances of enrolled land projects. As per MahaRERA, the object of this proposed course is to have consistency in the activity and support of the undertaking's ledgers and normalize authentic use of assets kept in the different financial balance.
On this regard, MahaRERA says, “A transaction account is an account of the project to be maintained by the promoter to transfer up to 30% of the total collections received in the collection account of the project”.
According to the conversation paper, MahaRERA says advertisers ought to open three financial bank accounts in a solitary planned bank prior to applying for the task. It incorporates an assortment account, a different record, and an exchange represent the undertaking.
An assortment account is a record to be kept up with by the advertiser to get every one of the assortments from the allottees, including stopping, conveniences, and some other charges, barring any remaining expenses and legal obligations.
A different financial balance would be in which 70 percent of the sums acknowledged for the undertaking from the allottees got in the assortment record would be saved in a different record to be kept up with in a planned bank.
The stored sum in this record ought to exclusively be used to take care of the expense of development and the land cost as endorsed in Rule 5 of the Maharashtra Land (Guideline & Improvement) Rules.
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