RERA Current Account
Manage your real estate project funds securely, in line with the Real Estate (Regulation and Development) Act, 2016, commonly known as RERA. Unity Small Finance Bank provides holistic RERA Account solutions that protect the interest of buyers while keeping your project's finances transparent and organized.
What is a RERA Account?
A RERA Account is a separate account that needs to be opened based on the guidelines of RERA, which manages funds collected from the homebuyers for real estate projects. The developers have to open this account to ensure that the project funds are utilized only for development-related expenditure, thus increasing the accountability and buyer safety.
Features of RERA Account
RERA Collection Account
100% of the project collections are deposited into the project collection account.
RERA Designated Account
70% of the amount from the project collection account is transferred to the designated RERA Account.
Regular Current Account
Balance 30% of the amount from the Collection account, transferred to the Regular Current Account, used for operating expenses in the project.
Benefits of RERA Account
Compliant and Secure
Full compliance with RERA rules, with the safety of your project fund.
Simplify your transactions
Efficient transfers between accounts guarantee accurate utilization of project funds.
Dedicated Support
Our experienced RERA team shall assist you to ease out account operations.
Who is eligible to Open a RERA Account
Documents required
- A duly filled account opening form
- PAN of the entity (or proprietor for sole proprietorships)
- KYC documents of the entity and authorized signatories
- RERA registration certificate and project details
- Address proof of the entity (if different from ID proof)
- Declaration of beneficial ownership
- Board Resolution approving account opening
- RERA Declaration-cum-Confirmation from the Promoter (notarized and on stamp paper)
- Contact details of Chartered Accountants, Architects, and Engineers appointed for the project
Exemptions from the Requirement of RERA Account
The following projects may not necessarily require opening a RERA account
- Projects of less than 500 square meters
- Projects having less than 8 units
- Projects for which Completion Certificate has been issued before the implementation date of RERA
- Redevelopment or renovation works, other than new sales or marketing
To know more or to submit your application online, Click here or visit the branch of Unity Small Finance Bank nearest to you.
