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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.
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
Real estate developers get following 3 separate current accounts that are interlinked.
Collection Account
|
RERA account
|
Operations/ Current Account
|
To open a RERA Account, an applicant needs to be engaged in one of the following businesses:
Please refer respective state RERA websites for the formats.
Yes
No. There should be one designated bank account for every registered project or registered phase of a project.