Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a circular for promoters to provide certificates from engineers, architects and chartered accountants (CAs) to the banks and RERA before withdrawing any amount from the home allottees. MahaRERA will upload the certificate on the website to benefit the home buyers. The home allottees will know the exact status of the project, including the work completed, cost incurred, etc. The promoters must get their separate account audited within six months after the end of each financial year and will have to produce a statement of accounts duly certified and signed by the CA. The audit will verify the amount collected for each project, and the amount withdrawn complies with the amount of work completed. This regulatory order applies to new and ongoing real estate projects. The promoters will have to deposit 70% of the money collected from the home allottees for real estate projects in a separate bank account to cover the cost of construction, land cost, and the amount deposited can be used for this purpose. The promoters will also have to submit the certificates to MahaRERA, besides the bank, during the time of withdrawal till the completion certificate is received for the project. In 2017, MahaRERA allowed the promoter to provide a self-declaration every quarter, besides submitting the certificates on every withdrawal to the bank. Secretary of MahaRERA Bar Association, Advocate Anil D Souza, said that MahaRERA had brought more transparency in project management and thrust greater accountability on promoters, engineers, architects and CAs. Image Source