MahaRERA proforma of declaration for separate bank account

PUBLISHED ON: 22-08-2022

In terms of Section 4(2)(l)(D) of the Real Estate (Regulation and Development) Act, 2016 (“Act”), a promoter is required under law to deposit certain amounts, realized from allottees from time to time, in a separate bank account maintained with a scheduled bank to cover the cost of construction and the cost of land. 

 

The Maharashtra Real Estate Regulatory Authority (“MahaRERA”) has by an order dated July 27, 2022, bearing order no. 34/2022 (“Order”) read with the correction order bearing no. MahaRERA/Secy/File No. 27/206/2022 dated July 29, 2022, provided for a proforma of “declaration about separate bank account for real estate projects”, in Format A annexed to the Order. 

 

The Order read with the correction order inter-alia provides that:

 

• the separate bank account should be an exclusive, a no-lien bank account as per the provisions of Section 4(2)(l)(D) of the Act, read with the rules, regulations as well as the orders and circulars issued by MahaRERA.

 

• the promoter shall at the time of registration of the real estate project, in addition to providing the details of separate bank account, submit the declaration in Format A printed on the letterhead of the promoter.

 

The aforementioned Order of MahaRERA, and the correction order are available here and here.