RERA Account

To open a RERA Account, an applicant needs to be engaged in one of the following businesses:

• Residential projects
• Commercial infrastructure projects, including godowns, shops, offices, etc.
• Ongoing projects for which the completion certificate is still pending
• Projects entailing the development of different phases, with each phase requiring a separate registration
• Development of plots
• Projects with a space of 500 square meters or more, or consisting of at least eight units

The documents needed for opening a RERA Account with us are:

• Duly filled account opening form
• PAN of entity (In sole proprietorships, same is required of the proprietor)
• KYC documents of the entity as per customer type
• Address proof in the name of the entity if different from ID proof
• Official valid documents of authorized signatories & beneficial owners*
• Beneficial ownership* declaration
• Copies of documents submitted by the builder to RERA at the time of registration, including RERA registration document
• RERA agreement
• Project details
  
  

*Not applicable for individuals and sole proprietorships
For more details regarding product features and documentation, please contact your nearest branch or call us toll-free at 1800 1200 1200.

RERA is the abbreviation for Real Estate Regulatory Authority. This authority makes it mandatory for promoters/developers to open a RERA Account in accordance with the provisions of the Real Estate (Regulation and Development) Act, 2016. The objective behind such a requirement is to ensure that the funds collected for a project from its allottees are utilized for the same without diversifying or utilizing it toward other projects. Accordingly, 70% of the amount realized needs to be deposited into a RERA account to cover the cost of acquisition of land and the construction costs of the project in hand.

A RERA Bank Account is a special purpose account wherein the promoter/developer of a particular project needs to deposit 70 percent of customer advances or project funds into this account to ensure that these funds are utilized to acquire land and construction of the land-related project. Withdrawals from these accounts must be certified by an architect, project engineer, or chartered accountant.

A RERA Bank Account is mandatory for real estate entities/developers/promoters engaged in the construction and selling of residential/commercial projects, development of plots, etc.