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UPRERA confirms that collection account maintained by builders is wrong
Dated on: Wednesday 7th August 2019The correct practice of allocating money was that promoters have to receive all the amount in the separate account, firstly allocate 70% of the money in a separate account as per Section 4(2)(l)(D) of the RERA Act, 2016 and then remaining 30% in another account. It has been clarified that this 70:30 ratio has to be maintained from the inception of the project. The Chartered Accountants of RERA will be verifying all the project accounts maintained with different banks.
