Clarifications on Operating Designated Rank Account

By Dr. Sanjay Chaturvedi, LLB, Ph.D.

Whereas the Chairperson. Maha RERA is vested with the powers of general superintendence and directions in the conduct of affairs of the authority under section 2S of the Real Estate (Regulation and Development) Act. 2016 (RERA).

The following clarifications are issued with respect to the withdrawal of amounts deposited in separate account:

1) The provisions of Rule 5(1)(0(b) of Maharashtra Real Estate (Regulation and Development)(Registration of Real Estate Projects. Registration of Real Estate Agents. Rates of Interest and Disclosures on Website) Rules. 2017applicable to new projects shall also apply mutatis mutandis to ongoing projects.

2) In Form 3 of the Maharashtra Real Estate Regulatory Authority (General) Regulations 2017:

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