No.MahaRERA/Secy/File
No.27/79/2017
Date
:07th June 2017.
Self Declaration to be submitted by Promoters to the Bank.
Whereas the MahaRERA Authority, under section 37 of the RERA Act, 2016 and Regulation 38 of the MahaRERA (General) Regulations 2017 is vested with the powers to issue directions and orders to promoters, real estate agents and allottees from time to time for effective implementation of the Act and to achieve the underlying object behind the Real Estate (Regulation and Development) Act, 2016.
Whereas the promoter under section 4(2)(l)(D) of the Real Estate (Regulation and Development) Act, 2016 is required to deposit seventy per cent of the amounts realised for the real estate project from the allottees in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and to be used only for that purpose. Further, the amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project. The promoter is also required to get his separate account audited within six months af ter the end of every financial year by a chartered accountant in practice, and shall produce a statement of accounts duly certified and signed by such chartered accountant and it shall be verified during the audit that the amounts collected for a particular project have been utilized for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.
Whereas the MahaRERA Authority, under section 37 of the RERA Act, 2016 and Regulation 38 of the MahaRERA (General) Regulations 2017 is vested with the powers to issue directions and orders to promoters, real estate agents and allottees from time to time for effective implementation of the Act and to achieve the underlying object behind the Real Estate (Regulation and Development) Act, 2016.
Whereas the promoter under section 4(2)(l)(D) of the Real Estate (Regulation and Development) Act, 2016 is required to deposit seventy per cent of the amounts realised for the real estate project from the allottees in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and to be used only for that purpose. Further, the amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project. The promoter is also required to get his separate account audited within six months af ter the end of every financial year by a chartered accountant in practice, and shall produce a statement of accounts duly certified and signed by such chartered accountant and it shall be verified during the audit that the amounts collected for a particular project have been utilized for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.
Under the provisions of
Rule 5 of the Maharashtra Real Estate (Regulation and Development)(Registration of Real
Estate Projects, Registration of Real Estate Agents, Rates of Interest and
Disclosures on Website) Rules,
2017
the promoter is
required to submit the said certificates to the scheduled bank
operating the separate account, for the purpose of withdrawal from time to time. Since,
the promoter is
required to get his designated
separate account audited within six months after the end of every financial year it will not be proper to submit these certificates with the
said bank. These certificates would be necessary to be retained with the
promoter for the purpose of
auditing. However, the promoter should submit self declaration to
the bank
once every quarter
as annexed herewith.
Hence forth the
promoters of Real
Estate Projects
shall follow the above procedure for withdrawal of the amount
time to time
from designated separate bank account.
This circular shall come into force with immediate effect.
By approval of Hon'ble Chairperson/ MahaRERA.
SELF-DECLA R ATION
I, Mr./Mrs...... .........................
promoter of the ongoing project having MahaRERA Registration No ....................... do hereby
state and declare on solemn affirmation as under:
I say that
70% amount received from the
allottee of said project is deposited by me in designated separate account and I am entitled
to withdraw the
said amount proportionate
to the progress in the Real Estate Project.
I say that my withdrawals from my designated separate account No.......... in the quarter ........... ( April -June, July - September, October - December, January - March ) of the year.......... are proportionate to the progress
in Real Estate Project
and for withdrawal of amount I have obtained requisi te certificates from the project Architect, Engineer and practicing Chartered Accountant.
I undertake to produce these certificates for inspection if required by the
Bank/ MahaRERA Authority.
Yours faithfully,
Place:
Date: Signature & Seal of the Promoter.
this is loophole created by RERA chairman...why cant you submit xerox copies of certificate to banks? and every certificate is issued with mostly 3 copies of each certificate one for submission to the party one for CA himself and one for Promoter....Further circular cannot over rule the act and its rules....this circular, therefore, is not valid...
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