Easy fund transfer from Collection Account to RERA and Utilization
Account effortlessly.
Get a customized account as per your requirement.
Enjoy the best services minus any hassles courtesy of our dedicated
RERA team.
RERA or Real Estate (Regulation and Development) Act, 2016 applies to residential and commercial projects. It is mandatory for promoters/developers/builders to register their projects before advertising or selling them and to deposit 70 percent of customer advances or project funds into a separate dedicated account so that funds are utilized for the related project only.
- 100% of the project collection shall be deposited into a project collection account
- 70% of the amount from the project collection account shall be transferred to the
designated RERA Account - Balance 30% of the amount from the project collection account shall be
transferred to the Utilization Current Account
- Easy transfer of funds from project collection account to RERA and Utilization
Accounts - Customized account to deal with different mechanisms with or without project
loan.
To open a RERA Account, an applicant needs to be engaged in one of the following
businesses:
Residential projects
Commercial infrastructure projects, including godowns, shops, offices, etc.
Ongoing projects for which the completion certificate is still pending
Projects entailing the development of different phases, with each phase requiring
a separate registration
Development of plots
Projects with a space of 500 square meters or more, or consisting of at least
eight units
The documents needed for opening a RERA Account with us are:
Duly filled account opening form
PAN of entity (In sole proprietorships, same is required of the proprietor)
KYC documents of the entity as per customer type
Address proof in the name of the entity if different from ID proof
Official valid documents of authorized signatories & beneficial owners*
Beneficial ownership* declaration
Copies of documents submitted by the builder to RERA at the time of registration,
including RERA registration document
RERA agreement
Project details
Projects under development having a built-up space of less than 500 square
meters
Number of units that do not exceed eight phases in all
Repairs and renovations of a project, provided this does not entail advertising
and selling of apartments, commercial spaces, buildings, or plots
Instances where a completion certificate has been obtained before notification
Resale property
