{"id":4062,"date":"2025-07-04T06:39:33","date_gmt":"2025-07-04T06:39:33","guid":{"rendered":"https:\/\/www.dearsociety.in\/post\/?p=4062"},"modified":"2025-07-04T06:58:50","modified_gmt":"2025-07-04T06:58:50","slug":"clarified-only-declared-promoters-need-rera-bank-accounts","status":"publish","type":"post","link":"https:\/\/www.dearsociety.in\/post\/2025\/07\/04\/clarified-only-declared-promoters-need-rera-bank-accounts\/","title":{"rendered":"Clarified: Only Declared Promoters Need RERA Bank Accounts"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A significant clarification has been issued by MahaRERA through <\/span><b>Order No. 61\/2024<\/b><span style=\"font-weight: 400;\">, 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 <\/span><b>Order No. 56\/2024<\/b><span style=\"font-weight: 400;\">, which came into force on <\/span><b>27th June 2024<\/b><span style=\"font-weight: 400;\">. That earlier order had made it <\/span><b>mandatory for every real estate promoter<\/b><span style=\"font-weight: 400;\"> to open and operate <\/span><b>three separate bank accounts<\/b><span style=\"font-weight: 400;\"> under the RERA framework for financial transparency and accountability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, after the issuance of Order 56\/2024, a common question emerged: <\/span><i><span style=\"font-weight: 400;\">Do landowners who enter into a development agreement and receive revenue or area share also need to maintain these three bank accounts?<\/span><\/i><span style=\"font-weight: 400;\"> This confusion led to concern among many landowners who felt they were being unnecessarily dragged into regulatory compliances meant for promoters.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"\u092e\u0939\u093e\u0930\u0947\u0930\u093e\u091a\u0947 \u0917\u0941\u0923\u0935\u0924\u094d\u0924\u093e \u0939\u092e\u0940 \u092a\u094d\u0930\u092e\u093e\u0923\u092a\u0924\u094d\u0930 #werunsocieties\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/W4nr6AE3k90?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><span style=\"font-weight: 400;\">MahaRERA has now issued <\/span><b>Order No. 61\/2024<\/b><span style=\"font-weight: 400;\">, which brings much-needed clarity. The authority has confirmed that <\/span><b>only the declared &#8220;promoter&#8221;<\/b><span style=\"font-weight: 400;\">\u2014as per the project registration application under <\/span><b>Section 3 and 4<\/b><span style=\"font-weight: 400;\"> of the RERA Act\u2014is required to maintain the three designated bank accounts. In simpler terms, <\/span><b>if the landowner is not shown as a promoter<\/b><span style=\"font-weight: 400;\"> in the MahaRERA registration application, they are <\/span><b>not required<\/b><span style=\"font-weight: 400;\"> to open or operate these project-specific accounts.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"MahaRERA Parking Rules #werunsocieties #parking #society\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/NZQ9uqXdD4E?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><span style=\"font-weight: 400;\">To further solidify this clarification, MahaRERA referred to <\/span><b>Section 2(zk)<\/b><span style=\"font-weight: 400;\"> of the <\/span><b>RERA Act, 2016<\/b><span style=\"font-weight: 400;\">, which defines who is considered a &#8220;promoter.&#8221; The clarification states that wherever the term &#8220;promoter&#8221; 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This new <\/span><b>Order 61\/2024<\/b><span style=\"font-weight: 400;\"> has come into <\/span><b>immediate effect<\/b><span style=\"font-weight: 400;\">, 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what does this mean for different stakeholders? If you are a <\/span><b>developer<\/b><span style=\"font-weight: 400;\">, ensure that only the declared promoter operates and manages the three bank accounts. If you are a <\/span><b>landowner<\/b><span style=\"font-weight: 400;\">, verify your status in the MahaRERA application before assuming any financial compliance obligations. And if you are a <\/span><b>consultant or Chartered Accountant<\/b><span style=\"font-weight: 400;\">, you should guide your clients accordingly to avoid confusion and over-regulation.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"How to Measure Carpet Area of a Flat #werunsocieties\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/InYXqUCa8NI?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><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">we are committed to demystifying legal frameworks and keeping housing societies, developers, and landowners well-informed. Stay tuned for more such insights, and don\u2019t forget to follow us for regular updates on MahaRERA orders and housing laws. Because when it comes to society matters,\u00a0<\/span><\/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>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 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4065,"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":[407],"class_list":["post-4062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maharera","tag-rera-maharera-realestatelaw-realestatecompliance-reralawindia-housingregulation"],"_links":{"self":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/4062","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/comments?post=4062"}],"version-history":[{"count":2,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/4062\/revisions"}],"predecessor-version":[{"id":4064,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/4062\/revisions\/4064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media\/4065"}],"wp:attachment":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media?parent=4062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/categories?post=4062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/tags?post=4062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}