+
Maharera Proposes Enhanced Project Monitoring
Real Estate

Maharera Proposes Enhanced Project Monitoring

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.

Message ChatGPT?

ChatGPT can make mistakes. Consider checking i

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. Message ChatGPT? ChatGPT can make mistakes. Consider checking i

Next Story
Infrastructure Urban

CJ Logistics’ Global CEO visits India to align growth strategy

Jonathan Song, newly appointed CEO of the Global Business Division at South Korea-based CJ Logistics, concluded a strategic three-day visit to India from July 29 to 31, reinforcing the company’s long-term commitment to the market through its subsidiary, CJ Darcl Logistics Ltd. Mr Song held high-level discussions with the CJ Darcl leadership and key customers to understand India’s evolving logistics needs, identify synergy areas, and enhance business alignment. His visit highlighted the strategic significance of India in CJ Logistics’ global network, especially amid the country’s g..

Next Story
Real Estate

Max Towers secures five star rating in safety audit by British Council

Max Estates, a leading NCR-based real estate developer, has achieved a five star rating in its first attempt at the British Safety Council’s ‘Five Star Occupational Health and Safety’ Audit for Max Towers, its premium commercial office project in Noida. The grading reflects the organisation’s commitment to the continual improvement of its occupational health and safety systems. The comprehensive audit covered documentation, interviews with senior management and employees, stakeholder feedback, and rigorous sampling of on-ground activities. It assessed performance against best prac..

Next Story
Real Estate

India’s Tier 2 & 3 Cities: The Next Growth Frontier for Real Estate

Introduction India’s metropolitan cities have long dominated the real estate landscape, shaping both market trends and public discourse, but the narrative is shifting towards India’s tier 2 and 3 cities. Beyond the metro cities, Tier 2 and Tier 3 cities such as Indore, Ahmedabad, Chandigarh, Jaipur, Coimbatore, Lucknow, Bhubaneswar, Kochi, Surat, Guwahati, and many others are emerging as vibrant real estate hubs. This growth is driven by impetus from rapid urbanisation, logistics corridors like the Delhi Mumbai Industrial Corridor, IT/ITeS investment zones, emergence of global capabil..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?