Developers Are Not Allowed to Deposit Home Buyers’ Funds Into Separate Bank Accounts Per MahaRERA

According to the Maharashtra Real Estate Regulatory Authority (MahaRERA), developers in the state will be required to maintain separate designated bank accounts for the purposes of receiving payments from home buyers, so they will not be able to take money from buyers and deposit it in different bank accounts as of July 1, 2024.

Currently, a lot of developers are requesting that homebuyers make payments to various bank accounts for various reasons. For instance, a flat booking fee is paid into one bank account, but customers are asked to pay additional funds into a another bank account for infrastructure and amenities like parking, a gym, and a swimming pool. The MahaRERA has ordered developers to open three bank accounts in a single bank in order to stop this practice, enforce discipline, ensure compliance, improve efficiency, transparency, accountability, and uniformity in the financial operations of housing projects, and safeguard and protect home buyers’ investments, according to a circular the MahaRERA released.

Source – Free Press Journal


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