RERA is an act to establish the Real Estate Regulatory Authority (RERA) for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector.
- 70% of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained with us to cover the cost of construction and the land cost and shall be used only for that purpose.
- Provided that the promoter shall withdraw the amounts from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project.
- Provided further that the amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project
- The Authority, upon the revocation of the registration shall direct the bank holding the project bank account to freeze the account, and thereafter take such further necessary actions, including consequent de-freezing of the said account, towards facilitating the remaining development works in accordance with the provisions of the Act
- Escrow account for complying with RERA
- Nil charges for opening and maintenance of RERA accounts
- Choose your account number instantly
- Convenience of giving payment instructions through Corporate Internet Banking
- RERA account in the name of project instead of company name with only project brochure as an additional document
- Features/customisations available in the product/account proposition for e.g. a standing instruction to move funds from RERA account on a daily basis without customer intervention.
It is applicable for:
- Residential projects
- Commercial projects including shops, offices, godowns
- Plotted developments
- Ongoing projects for which Completion Certificate is pending
- Requirement of registration of each phase separately in case of phase-wise development
Exemptions from RERA
- Projects being developed on less than 500 square metres land
- Number of units not exceeding 8 units in all phases
- Obtained Completion Certificate before notification
- Redevelopment projects where no new allotments are to be done
- Renovation and repairs – without involving selling and marketing of apartments of plots, buildings, apartments.
- Resale property
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- iPay: Bulk payments to multiple beneficiaries through RTGS, NEFT and Funds Transfer in a single file upload
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- E-collections: Ease of reconciliation, as it highlights name and details of payees in accounting statement
- Corporate Internet Banking (CIB) platform, a one-stop solution for all your digital banking needs
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- Business Banking Debit Card with higher cash withdrawal limits
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Terms and Conditions apply.
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