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Property Related Laws Gujarat Department of Housing and Urban Development Real Estate (Regulation and Development) Act, 2016

Gujarat Real Estate Regulatory Authority issues notification regarding Gujarat RERA Bank Account Directions, 2025

20-Dec-2024 | No: GujRERA/Order -103

Gujarat Real Estate Regulatory Authority (GujRERA) via notification dated 20th December 2024 has issued notification regarding Gujarat RERA Bank Account Directions, 2025. The said rules will be enforced on 1st January 2025, and will supersede the GujRERA Bank Account Directions, 2018 dated 19th February 2018 and Guidance note-5 dated 21st October 2022 and circular-35 dated 23rd September 2024 issued relating to the separate RERA Bank Account.
By virtue of the circular, the said directions will establish a mechanism for operating and maintaining separate bank account for GujRERA registered project and to safeguard consumer interests, to ensure compliance, promote transparency, accountability, and financial discipline, as well as to have uniformity in the operation and maintenance of bank accounts of the project and standardize legitimate utilization of funds deposited in the separate RERA Bank account.
The notification highlights the following directions:
1. Direction 5 provides Opening of RERA project Bank Accounts.
2. Direction 6 provides Nomenclature, Maintenance, and Operations of three bank accounts.
3. Direction 8 provides Changing the bank accounts of the project.
4. Direction 9 provides Closure of separate bank accounts for the project.
More such directions have been provided in the notification.

For further details, please refer to the document attached hereby.

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