MahaRERA Mandates Builders To Maintain Three Separate Bank Accounts For Every Project From July 1

In a recent ruling, Maharashtra Real Estate Regulatory Authority (MahaRERA) has mandated that builders must maintain three separate bank accounts for each project starting July 1. These accounts are designated for collecting funds, maintaining project expenses, and fulfilling statutory payments. The move aims to enhance transparency and prevent fund diversion in real estate projects, ensuring accountability towards homebuyers. This directive aligns with MahaRERA's commitment to safeguarding consumer interests and promoting ethical practices in the real estate sector.