RERA Account

RERA (Real Estate Regulatory Authority) was established under the Real Estate (Regulation and Development) Act, 2016 for regulation and promotion of the real estate sector and to ensure sale of plots, apartments, buildings or real estate projects, in an efficient and transparent manner and to protect the interest of the consumers in the real estate sector. You can register under the RERA Act and open a RERA Account.

Digital Solutions Efficient Project Management

0 PEOPLE ARE INTERESTED

Why choose our RERA Account for Real Estate deals?

Faster payment and collection processing via Standing Instructions
Transaction dashboard and reports
Separate GST collection account for smooth tax payments
Efficient project management with integrated financial solutions for projects

Digital Solutions

Eligibility and Exemptions

Eligibility Criteria to Open a RERA Account

It is applicable for:

Residential projects
Commercial projects including shops, offices, godowns
Plotted developments
Ongoing projects for which Completion Certificate is pending
Projects which require registration of each phase separately in case of phase-wise development.

Exemptions from RERA Account

Projects being developed on less than 500 square metres of land
Number of units not exceeding 8 units in all phases
Promoter has obtained the Completion Certificate before the commencement of this Act
Redevelopment projects where no new allotments are to be done
Renovation and repairs – without involving selling and marketing of apartments, plots or buildings
Resale of property

RERA Account FAQs

Who can open a RERA Account?

RERA Current Account can be opened only by the real estate developer with a Bank after RERA registration. Individual buyers cannot open a RERA Current Account. The RERA authority monitors the account to ensure compliance.

How does RERA Account help the buyers?

Buyers are assured that 70% of their payments are used towards the project completion by mandating the opening of a RERA Current Account. This will not only secure the investments of the buyers but also protect them from any default committed by the developer and project delays.

Can I open a RERA Account with ICICI Bank to provide the Account number to RERA for the issuance of the RERA Registration Certificate?

Yes, you can open a RERA Current Account with ICICI Bank to provide the Account number to RERA. Once the account is opened, we will provide an account number basis the total freeze in the account. On submission of the RERA Registration Certificate issued by RERA to the Bank, the freeze will be removed and the account will be operational.

Can I open a RERA Account with ICICI Bank, if I don’t have any other account with the Bank?

Even though you don’t have any other account with ICICI Bank, you can open a RERA Current Account.

Can I open a RERA Account for a project that has been financed by a third party / the Bank?

Yes, you can open a RERA Current Account with ICICI Bank for a project that has been financed by a third party / the Bank.

Can I open a RERA Account for Plot Development Project?

Yes, you can open a RERA Current Account for Plot Development Project.

Terms & Conditions

As per the RERA guideline, 70% of the amount that is periodically realised for the real estate project from the allottees, will be deposited in a separate account that will be kept with us specifically to cover the cost of land and the cost of construction.

The promoter can withdraw the amount from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project.

The amount from the separate account can be withdrawn by the promoter after it is certified by an engineer, architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project.

The Authority, upon the revocation of the registration will direct the Bank holding the Bank Account created for the project, to freeze the account and thereafter take further actions, including consequent de-freezing of the said account towards facilitating the remaining development work in accordance with the provisions of the Act.

About

Help and Support