Important meeting of RERA to increase transparency in real estate sector

Chhattisgarh Real Estate Regulatory Authority (RERA) held a joint meeting with notified bank officials and members of the builders’ association (CREDAI) at the local New Circuit House today with the aim of ensuring transparency of bank accounts in real estate projects. RERA Chairman Mr. Sanjay Shukla, Executive Director of Central Bank of India Mr. Mahendra Dohare, Zonal Manager of Punjab National Bank and officials of 28 nationalized and private banks, as well as members of CREDAI (Raipur and Bilaspur) attended the meeting. RERA

Chairman Mr. Sanjay Shukla said that the purpose of the meeting is to ensure that the account operations by banks for real estate projects are as per RERA rules. RERA has found on many occasions that irregularities are being committed in the operation of accounts by some banks, which is affecting the protection of the interests of investors and banks. For this, banks were urged to strictly follow the rules. He informed that as per RERA provisions, three types of accounts are necessary for any project. 70 percent of the amount deposited in the collection account is transferred to the RERA designated account and 30 percent to the builder’s project related account. He said that 70 percent of the amount deposited in the RERA account is transferred to the builder’s account from time to time based on the progress of the work by the builder, so that the builder cannot misuse the amount received from the allottees.
In the meeting, the banks agreed to work with RERA to make the process more effective and make necessary improvements in the software. RERA resolved to take steps to ensure transparency and compliance of accounts in future. Detailed information in this regard is available on RERA’s website.rera.cgstate.gov.in This can be obtained at.