UP RERA Mandates Three Bank Accounts for Real Estate Projects

12 Dec 2023 CW Team

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.

Infrastructure Urban

25 Sep 2025

PNC Infratech Bags Rs 4.96 Billion Bihar Bridge Project

PNC Infratech Ltd on Friday announced it has received a letter of acceptance (LoA) worth Rs 4.96 billion from the Bihar State Road Development Corporation (BSRDC).The contract involves constructing a high-level bridge and approach road along the Hathouri–Atrar–Bavangama–Aurai Road, covering a total distance of 21.3 km. Awarded under the Engineering, Procurement, and Construction (EPC) model, the project is scheduled for completion within 1,095 days, or three years.The company confirmed that neither its promoters nor group entities hold any financial or business interest in the awarding a..

India Secures Second Deep-Sea PMS Exploration Contract

Union Minister Dr Jitendra Singh announced the signing of a 15-year contract between the Ministry of Earth Sciences (MoES) and the International Seabed Authority (ISA) granting India exclusive rights to explore Polymetallic Sulphides (PMS) across a 10,000 sq km area of the Carlsberg Ridge in the Indian Ocean, according to an MoES release.With this agreement, India becomes the first country globally to hold two PMS exploration contracts with ISA, reinforcing its pioneering role in deep-sea resource exploration and strategic presence in the Indian Ocean.Dr Singh said the contract represents a ma..

Odisha Unveils Policy to Attract Investment in Pumped Storage

The Odisha government, after identifying 45 potential sites for Pumped Storage Projects (PSPs) earlier this year, has introduced a policy framework to monitor and regulate PSPs in the state. The policy is designed to attract investment from public and private developers and aligns with the PSP Policy 2025 and the Renewable Energy Policy 2022.The Energy Department’s latest Operational Guidelines to Odisha PSP Policy identify potential locations for off-the-river closed-loop PSPs. With many sites still unregistered or unsurveyed by state and central agencies, and with the growing importance of..