A significant clarification has been issued by MahaRERA through Order No. 61/2024, which brings relief and removes confusion among real estate stakeholders, especially landowners and developers. This clarification directly addresses a major concern that arose after the earlier Order No. 56/2024, which came into force on 27th June 2024. That earlier order had made it mandatory for every real estate promoter to open and operate three separate bank accounts under the RERA framework for financial transparency and accountability.
However, after the issuance of Order 56/2024, a common question emerged: Do landowners who enter into a development agreement and receive revenue or area share also need to maintain these three bank accounts? This confusion led to concern among many landowners who felt they were being unnecessarily dragged into regulatory compliances meant for promoters.
MahaRERA has now issued Order No. 61/2024, which brings much-needed clarity. The authority has confirmed that only the declared “promoter”—as per the project registration application under Section 3 and 4 of the RERA Act—is required to maintain the three designated bank accounts. In simpler terms, if the landowner is not shown as a promoter in the MahaRERA registration application, they are not required to open or operate these project-specific accounts.
To further solidify this clarification, MahaRERA referred to Section 2(zk) of the RERA Act, 2016, which defines who is considered a “promoter.” The clarification states that wherever the term “promoter” is used in Order 56/2024, it must be understood strictly as per this legal definition. This ensures that compliance is limited to those who are officially recognized as promoters, avoiding unnecessary burden on non-promoter stakeholders such as landowners.
This new Order 61/2024 has come into immediate effect, which means landowners can now breathe a sigh of relief. They are not obligated to comply with the bank account requirement unless they have taken up the role of a promoter officially in the project documentation and registration. This also prevents over-compliance and unnecessary regulatory hassles for those who are not directly involved in financial project execution.
So, what does this mean for different stakeholders? If you are a developer, ensure that only the declared promoter operates and manages the three bank accounts. If you are a landowner, verify your status in the MahaRERA application before assuming any financial compliance obligations. And if you are a consultant or Chartered Accountant, you should guide your clients accordingly to avoid confusion and over-regulation.
This clarification not only simplifies legal obligations but also strengthens the practical application of RERA laws. By ensuring that only those who are truly responsible are held accountable, MahaRERA has streamlined compliance and improved clarity for all parties involved.
we are committed to demystifying legal frameworks and keeping housing societies, developers, and landowners well-informed. Stay tuned for more such insights, and don’t forget to follow us for regular updates on MahaRERA orders and housing laws. Because when it comes to society matters,
Also Watch : Important Rera Judgements taken by MahaRERA under different circumstance-2
1. Website – https://www.dearsociety.in/
2. Instagram – https://instagram.com/dearsocietymh?igshid=NmE0MzVhZDY=
3. LinkedIn – https://www.linkedin.com/company/dear-societyin/
4. Facebook – https://www.facebook.com/dearsocietyMH?mibextid=ZbWKwL
Call
Whatsapp
Enquiry