In a bid to strengthen project monitoring and enhance transparency in the real estate sector, the Maharashtra Real Estate Regulatory Authority (Maharera) has proposed a significant regulatory change. This proposal entails the segregation of project funds into three separate bank accounts. The move aims to streamline financial management, facilitate better tracking of funds, and mitigate the risk of diversion or misuse of funds by developers.

Under the proposed framework, developers will be required to maintain three distinct bank accounts for each project registered with Maharera. These accounts will be designated for specific purposes, namely construction and land cost, maintenance and common area expenses, and project marketing expenses. By segregating funds in this manner, Maharera seeks to ensure that money allocated for specific project components is utilised solely for its intended purpose, thereby safeguarding the interests of homebuyers and investors.

This regulatory measure is expected to bolster accountability among developers and provide greater clarity regarding the utilisation of project funds. Additionally, it aims to minimise delays and disruptions in project execution by ensuring adequate financial resources are allocated for construction activities. By implementing stringent monitoring mechanisms, Maharera aims to instil confidence among homebuyers, thereby fostering a more robust and transparent real estate ecosystem in Maharashtra.

The proposal reflects Maharera's commitment to upholding regulatory standards and promoting sustainable growth in the real estate sector. It underscores the authority's proactive approach towards addressing systemic challenges and enhancing governance in the industry. Through continuous refinement of regulatory frameworks and the introduction of innovative measures, Maharera seeks to instil trust, foster investor confidence, and propel the sustainable development of the real estate market in Maharashtra.

In conclusion, the proposal to mandate three separate bank accounts for real estate projects represents a significant step towards enhancing transparency, accountability, and financial discipline in the sector. By implementing these measures, Maharera aims to create a more conducive environment for stakeholders and ensure the timely delivery of projects, thereby bolstering consumer trust and investor confidence in the real estate market.

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