{"id":4046,"date":"2025-06-11T07:14:02","date_gmt":"2025-06-11T07:14:02","guid":{"rendered":"https:\/\/www.dearsociety.in\/post\/?p=4046"},"modified":"2025-06-11T07:14:02","modified_gmt":"2025-06-11T07:14:02","slug":"rera-bank-rule-applies-to-promoters-only","status":"publish","type":"post","link":"https:\/\/www.dearsociety.in\/post\/2025\/06\/11\/rera-bank-rule-applies-to-promoters-only\/","title":{"rendered":"RERA Bank Rule Applies to Promoters Only"},"content":{"rendered":"<p data-start=\"252\" data-end=\"688\">W e aim to simplify complex legal updates for housing stakeholders. In this blog, we\u2019ll break down a significant clarification issued by MahaRERA under <strong data-start=\"422\" data-end=\"469\">Order No. 61\/2024, dated 4th September 2024<\/strong>. This clarification addresses confusion that followed <strong data-start=\"524\" data-end=\"545\">Order No. 56\/2024<\/strong>, which came into effect on 27th June 2024, mandating that all real estate promoters maintain three designated bank accounts for project funds.<\/p>\n<p data-start=\"690\" data-end=\"1072\">The earlier directive led to a widespread concern: <strong data-start=\"741\" data-end=\"913\">Should landowners\u2014who contribute land under a registered development agreement and receive area share or revenue share\u2014also be bound by this triple-account requirement?<\/strong> This was especially unclear in joint development arrangements where multiple parties have varied roles. The recent order brings welcome clarity on this issue.<\/p>\n<p><iframe loading=\"lazy\" title=\"\u0917\u0943\u0939\u092a\u094d\u0930\u0915\u0932\u094d\u092a\u093e\u0924\u0940\u0932 \u0938\u0930\u094d\u0935 \u0938\u0941\u0935\u093f\u0927\u093e \u0915\u0930\u093e\u0930\u0928\u093e\u092e\u094d\u092f\u093e\u0924 \u0928\u092e\u0942\u0926 \u0915\u0930\u0923\u0947 \u0906\u0924\u093e \u092c\u0902\u0927\u0928\u0915\u093e\u0930\u0915!\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/3RfTClJdDso?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p data-start=\"1074\" data-end=\"1541\">According to MahaRERA\u2019s clarification, <strong data-start=\"1113\" data-end=\"1205\">only the person or entity declared as a \u2018promoter\u2019 under Section 3 and 4 of the RERA Act<\/strong> needs to comply with the requirement of maintaining three designated bank accounts. This means if a landowner is not registered as a promoter in the MahaRERA application, <strong data-start=\"1377\" data-end=\"1403\">they are not obligated<\/strong> to operate these accounts. This eliminates unnecessary compliance for landowners who are passive stakeholders in the development process.<\/p>\n<p data-start=\"1543\" data-end=\"1924\">Further, the order emphasizes that the term <strong data-start=\"1587\" data-end=\"1670\">\u2018Promoter\u2019 must be interpreted in line with Section 2(zk) of the RERA Act, 2016<\/strong>, which provides a legal definition. This legal clarity ensures that financial obligations are imposed only on those who are actively steering the project as recognized promoters, not those who have simply offered land or capital under a joint agreement.<\/p>\n<p><iframe loading=\"lazy\" title=\"\u0917\u0943\u0939\u092a\u094d\u0930\u0915\u0932\u094d\u092a\u093e\u0924\u0940\u0932 \u0938\u0930\u094d\u0935 \u0938\u0941\u0935\u093f\u0927\u093e \u0915\u0930\u093e\u0930\u0928\u093e\u092e\u094d\u092f\u093e\u0924 \u0928\u092e\u0942\u0926 \u0915\u0930\u0923\u0947 \u0906\u0924\u093e \u092c\u0902\u0927\u0928\u0915\u093e\u0930\u0915!\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/3RfTClJdDso?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p data-start=\"1926\" data-end=\"2285\"><strong data-start=\"1926\" data-end=\"1968\">Order 61\/2024 is effective immediately<\/strong>, which means its relief and clarification are applicable right away. This not only reduces the burden on non-promoter landowners but also aligns compliance expectations more accurately with each party\u2019s legal responsibility. It\u2019s a practical step that reflects MahaRERA\u2019s responsive approach to stakeholder concerns.<\/p>\n<p><iframe loading=\"lazy\" title=\"\u092e\u0939\u093e\u0930\u0947\u0930\u093e \u0928\u094b\u0902\u0926\u0923\u0940\u0915\u0943\u0924 \u0935 \u092a\u094d\u0930\u0936\u093f\u0915\u094d\u0937\u0923 \u0918\u0947\u0924\u0932\u0947\u0932\u0947 \u090f\u091c\u0902\u091f\u091a \u092a\u094d\u0930\u0915\u0932\u094d\u092a\u093e\u092e\u0927\u094d\u092f\u0947 \u0915\u093e\u092e \u0915\u0930\u0942 \u0936\u0915\u0924\u093e\u0924 #werunsocieties\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/1kpKmOOOi08?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p data-start=\"2287\" data-end=\"2694\">What should you do now? If you\u2019re a <strong data-start=\"2323\" data-end=\"2336\">developer<\/strong>, ensure that only the declared promoter handles the mandatory project bank accounts. If you\u2019re a <strong data-start=\"2434\" data-end=\"2447\">landowner<\/strong>, review your development agreement and MahaRERA records to confirm whether you\u2019re listed as a promoter. And if you\u2019re a <strong data-start=\"2568\" data-end=\"2606\">consultant or Chartered Accountant<\/strong>, guide your clients carefully to avoid over-compliance or misinterpretation of the law.<\/p>\n<p>Also Watch : <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.dearsociety.in\/post\/2023\/05\/05\/important-rera-judgements-taken-by-maharera-under-different-circumstance\/\">Important Rera Judgements taken by MahaRERA under different circumstance-2<\/a><\/span><\/p>\n<p>1. Website &#8211;\u00a0 \u00a0 \u00a0<a href=\"https:\/\/www.dearsociety.in\/\">https:\/\/www.dearsociety.in\/<\/a><br \/>\n2. Instagram &#8211; \u00a0<a href=\"https:\/\/instagram.com\/dearsocietymh?igshid=NmE0MzVhZDY=\" target=\"_blank\" rel=\"noopener\">https:\/\/instagram.com\/dearsocietymh?igshid=NmE0MzVhZDY=<\/a><br \/>\n3. LinkedIn &#8211;\u00a0 \u00a0 <a href=\"https:\/\/www.linkedin.com\/company\/dear-societyin\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.linkedin.com\/company\/dear-societyin\/<\/a><br \/>\n4. Facebook &#8211;\u00a0 \u00a0<a href=\"https:\/\/www.facebook.com\/dearsocietyMH?mibextid=ZbWKwL\" target=\"_blank\" rel=\"noopener\">https:\/\/www.facebook.com\/dearsocietyMH?mibextid=ZbWKwL<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>W e aim to simplify complex legal updates for housing stakeholders. In this blog, we\u2019ll break down a significant clarification issued by MahaRERA under Order No. 61\/2024, dated 4th September 2024. This clarification addresses confusion that followed Order No. 56\/2024, which came into effect on 27th June 2024, mandating that all real estate promoters maintain [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[37],"tags":[405],"class_list":["post-4046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maharera","tag-werunsocieties-maharera-reraupdate-housinglaw-realestatelaw-realestatecompliance"],"_links":{"self":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/4046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/comments?post=4046"}],"version-history":[{"count":2,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/4046\/revisions"}],"predecessor-version":[{"id":4048,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/4046\/revisions\/4048"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media\/4049"}],"wp:attachment":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media?parent=4046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/categories?post=4046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/tags?post=4046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}