Financial Institutions Need To Provide Details Of Banks Accounts Of Real Estate Projects, Says Uttar Pradesh RERA

Uttar Pradesh Real Estate Regulatory Authority said that the purpose of providing information about the project's bank accounts to RERA by the promoter is to keep the details of the amount being used in the construction of the project, its transactions and expenditure transparent The objective of this process was to ensure the utilisation of funds collected for the particular project, is being used only in construction and development of that project by the promoters. (Express file photo of apartments in Greater Noida Uttar Pradesh Real Estate Regulatory Authority (UP RERA) Friday said it has devised a new roadmap to solve the ongoing issues of homebuyers, which includes making the banking process related to real estate projects more stringent and transparent. The authority said that along with the promoters, now it will also be the responsibility of the financial institutions and banks to provide information about the bank accounts opened for real estate projects to UP RERA.