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MahaRERA probe finds 1,781 bank accounts linked to multiple projects, issues notices

Dated on: Thursday 9th March 2023

According to a Maharashtra Real Estate Regulatory Authority (MahaRERA) inquiry, 1,781 projects breached the laws by tying their bank accounts to more than one project. The Real Estate (Regulation and Development) Act of 2016 requires all projects to have a single bank account with a single registration number. This is intended to ensure that all registered housing projects are completed without any monies being diverted. In response to these irregularities, the regulator has issued showcause notices to 45 such projects and is in the midst of mailing notices to the other projects. The regulator has made improvements to its systems to avoid the occurrence of such abnormalities in the futureAny effort to link the designated account of one project with the bank account of another project will be rejected by the updated system. Aside from that, the developer will be unable to update the mutual account under the new system. MahaRERA has issued a new rule requiring previous clearances for this alteration.

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