In a major move affecting property buyers and investors, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has placed around 200 real estate projects in abeyance — meaning these projects have been temporarily frozen and promoters are not allowed to execute fresh sale agreements or accept new bookings.
This action stems from builders using the same bank account for multiple projects, a practice that goes against the financial compliance rules established by MahaRERA.
Why Does MahaRERA Require Separate Bank Accounts for Each Project?
Under the Real Estate (Regulation and Development) Act — enforced by MahaRERA — developers are required to maintain designated bank accounts for every registered project. This is not merely a book keeping technicality — it’s a rule designed with buyer protection at its core.
Here’s what the rule means and why it matters:
🧾 1. Transparency in Funds
Each project must have its own bank account so that the money collected from buyers is clearly traceable and cannot be diverted to another venture or used for unrelated purposes.
💼 2. Ensures Use of Money for Its Intended Purpose
The funds deposited should be used only for that specific project — especially for construction and development costs — protecting buyers from misuse or misallocation of their hard-earned money.
📊 3. Prevents Mixed Accounting
If a builder uses one bank account for multiple projects, it becomes impossible to verify how much money belongs to which project, which raises red flags around project completion, refunds, and future obligations.
For these reasons, MahaRERA has even gone further in 2024 by mandating three separate bank accounts per project:
📌 Collection Account – where all payments from homebuyers are initially deposited,
📌 Separate Account – where 70% of the collected funds must be auto-transferred for land and construction costs,
📌 Transaction Account – holding the remaining 30% for permissible project expenses.
This trio of accounts enhances financial discipline and helps regulators monitor project finances with greater clarity.
What Happens to Projects in Abeyance?
When a project is listed in abeyance for common bank account issues:
🚫 Builders cannot sell or market new units
🤝 No new agreements for sale deeds can be signed
💰 Project bank accounts are frozen
📍 Compliance must be rectified before activities resume.
This is intended to safeguard homebuyers and ensure that funds are not being misused or trapped in unmonitored accounts.
Where to Find the Full List of Affected Projects
MahaRERA maintains a publicly accessible list on their official portal titled “Due to Common Bank Accounts.”
You can view this complete list — including promoter names, project names, and registration certificates — here:
🔗 https://maharera.maharashtra.gov.in/common-bank-account
This tool is especially useful for homebuyers who are considering investing or booking a property, as it helps verify compliance status before entering into any sale agreement.
Important: Primary Project Affected in Mumbra
Among the projects listed under common bank account issues, one of the important entries for property buyers in Mumbra is:
👉 ACHIVERS CONSTRUCTION COMPANY – MADINA SQUARE BUILDING in Thane district (which covers the greater Mumbra area).
These projects have been flagged because the same bank account was used for both, leading to a freeze until compliance is restored.
What This Means for Homebuyers & Investors
➡️ Before booking a flat or villa, always check MahaRERA for:
Project registration status
Whether it’s under abeyance or has common bank account issues
Current compliance status on bank accounts
➡️ Avoid investing in projects that are not financially compliant, as this can lead to delays or legal complications in getting a home or refund.
➡️ If a project of interest is on the abeyance list, make sure the promoter resolves the issue with MahaRERA before buying.
Closing Thoughts
MahaRERA’s strict stance on separate bank accounts per project might seem stringent at first, but it’s a step toward improving transparency, financial discipline, accountability, and buyer confidence in the real estate sector.
As a buyer or investor, being informed about such regulatory developments can protect your investment and help you make smarter, risk-free decisions in the property market.
Comments
Post a Comment