RERA

RERA

Home

Learn

Help

Get App

What is RERA Account?

A special current account designed for the real estate developers as per the RERA act of the government. Applicable to whole of India, developers are required to open a separate bank account for each individual project to deposit 70% of the funds collected from buyers. Withdrawals will be permitted to cover the cost of construction and the land cost in proportion to the percentage of completion of the project.

Why Kotak?

Pre-generated account numbers are provided for project registration

Simplified & Seamless account opening

Get a comprehensive accounts solution to collect money from allotted buyers and split them in the requisite proportion.

Specialized team to manage operations of the RERA Account

Thorough understanding of the state RERA regulations

Structuring of complex Escrow setups in case of lending for the project

Account Structure

Real estate developers get following 3 separate current accounts that are interlinked.

Eligibility

To open a RERA Account, an applicant needs to be engaged in one of the following businesses:

Residential Projects
Plotted Developments
Ongoing projects where completion certificate is pending
Land proposed to be developed exceeds 500 sq mts or number of apartments proposed to be developed exceeds 8 units.

Frequently Asked Questions

Are they any standard formats available for CA, Architect and Engineer certificates for withdrawal from RERA account?

Please refer respective state RERA websites for the formats.

Is Plotted Development Project required to be registered with RERA?

Yes

Can same RERA account be used for multiple projects?

No. There should be one designated bank account for every registered project or registered phase of a project.