MahaRERA issues order to provide certificates to realty authority
Real Estate

MahaRERA issues order to provide certificates to realty authority

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 The audit will verify the amount collected for each project, and the amount withdrawn complies with the amount of work completed.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

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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement