Developers in Maharashtra will not be permitted to deposit buyers’ money into separate accounts as of July 1

As on July 1, developers in Maharashtra will have to keep specific bank accounts open for payments from buyers, citing a directive from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The goals of this policy are to safeguard the investments of homeowners and improve financial discipline and openness.

Developers used to be able to request money from buyers into other accounts for a variety of reasons, including booking fees and extras like gyms and swimming pools. Developers are now required by MahaRERA to open three distinct bank accounts at one bank.

Source – The Indian Express

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