Vasant Prabhu, secretary of MahaRERA, issued a circular on February 20, which will come into force immediately, making it compulsory for builders to inform the authority of any change or transfer of bank account
Builders carrying out real estate development projects in Maharashtra from now on can change the designated bank account/branch from one scheduled bank to another only after getting permission from Maharashtra Real Estate Regulatory Authority (MahaRERA). This bank account is maintained to deposit homebuyers’ money, ensuring the project work’s fulfilment
https://indianexpress.com/article/cities/mumbai/builders-in-maharashtra-cannot-change-or-transfer-designated-bank-account-without-permission-from-maharera-8460653/
Source: The Indian Express
