MahaRera: Submission of certificates to schedule bank operating separate account:
- The amounts from the separate bank account maintained for depositing the amount realised from the allottees, shall be withdrawn by the promoters of the real estate project only after it is certified by an engineer, an architect and chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project. (Circular No. 39/2021)
- The above would be irrespective of whether such real estate project is a new project or an ongoing project till the occupancy certificate/completion certificate as the case may be, in respect of the said project is obtained and the copies thereof shall be submitted online by promoters to MahaRERA Authority.
- Earlier promoters could withdraw the amounts from the separate bank account on the basis of self declaration supported by an affidavit.
Note: The promoters are required to deposit seventy per cent of the amounts realised for the real estate project from the allottees from time to time in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and to the amount so deposited is to be used only for that purpose.
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