UP RERA Mandates Three Bank Accounts for Real Estate Projects

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has implemented a significant regulation requiring real estate projects to maintain three separate bank accounts. This move aims to enhance financial transparency and accountability in the real estate sector. The three designated accounts are meant for project expenses, maintenance funds, and the escrow account for customer advances. This stringent measure ensures that funds are allocated appropriately, preventing mismanagement and enhancing investor confidence.