GujRERA Orders Developers to Open Project Bank Accounts in Gujarat

25 Sep 2024 CW Team

The Gujarat Real Estate Regulatory Authority (GujRERA) has directed all real estate developers to open separate bank accounts for their projects in branches located within Gujarat. This decision follows the discovery that many developers, especially in South Gujarat, were maintaining accounts in Maharashtra, potentially obstructing the enforcement of GujRERA orders.

The directive mandates that ongoing projects with accounts outside the state must immediately transfer them to Gujarat-based branches. This ensures that 70% of funds from allottees, as required by law, are properly allocated for construction and land costs, and the authority can act promptly if needed.

Developers seeking project registration with GujRERA must now comply with this new bank account mandate, following the 2018 RERA Bank Account Directions.

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