The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) in recently held RERA Samvaad informed that the promoter needs to maintain three accounts for the project i.e. one collection account, two separate accounts (escrow) and three transaction accounts.
This was in response to a query asked by a home buyer about how they can know that the promoter is taking money in the escrow account only.
Abrar Ahmed Principal, advisor, UP-RERA said, “The authority, now conscious of the concerns of the stakeholders in this regard has issued detailed directions for maintenance of the accounts of the project.”
All the payments from the homebuyers will be received in the collection account from which not less than 70 percent of the amount will be auto transferred by the bank into the separate account of the project and likewise not more than 30 percent of the money will be transferred to the transaction account of the project to be used by the promoter for expenditure other than the construction and land cost of the project. All project finance will be credited to the separate account only.
UP-RERA is creating facility for the disclosure of all three accounts on its website.
The authority is holding online “RERA Samvaad” to address the grievances of all stakeholders like homebuyers and the promoters. This is a digital platform on the website of the authority whereby any stakeholder can register for a Samvaad with the chairman, any of the members or the officers of the authority. RERA arranges a virtual Samvaad with such an applicant by fixing the Samvaad in a week’s time. The concerned individual is able to join the Samvaad using the link sent by the Authority discuss his grievances.
Rajive Kumar, chairman, UP-RERA said, “The purpose of this regional Samvaad is to create awareness amongst the stakeholders and if they find anything misleading at the end of the promoter they can bring it to the knowledge of the promoter from the forum of the association of the allottees and also inform RERA through email. RERA will take appropriate legal actions in such matters.”
During the online webinar, Rahul Pandey, vice chairman of Varanasi Development Authority (VDA) informed the homebuyers that the VDA has established an online facility for the redressal of the public grievances. Any homebuyer can use this facility for redressal of his grievance.
