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UP RERA Mandates Disclosure of Collection Account Details on its Portal

114508.UP RERA Mandates Consistent Project Naming to Aid Homebuyers scaled

Noida, April 4, 2025: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has moved to strengthen transparency in the real estate sector, mandating disclosure of collection account details for all active projects on its portal. Homebuyers’ payments must be deposited only in the project’s designated collection account, it has said.

Misappropriation of funds by promoters will now attract strict legal consequences As per the Real Estate (Regulation and Development) Act, 2016, promoters are mandated to keep 70 per cent of the funds received for project development in the projects’ separate account and use them exclusively for project construction.

In line with the guidelines issued by UP RERA on November 29 last year, every promoter must provide details of three project accounts, namely Collection, Separate and the Transaction Account on the UP RERA portal. It is a legal requirement for promoters to deposit the funds received from allottees into the project’s Collection Account. Additionally, promoters must include details of the Project’s Collection Account in all promotional and advertising materials related to the project. UP RERA has directed all banks to automatically transfer 70 per cent of the funds received in the Collection Account to the Separate Account and 30 per cent to the Transaction Account daily. The amount in the Separate Account is strictly meant for activities directly related to project completion. Money withdrawals from the Separate Account are permitted only in proportion to the completed project work, duly certified by an engineer, architect, and chartered accountant.

In certain cases, it has been observed that promoters do not deposit the funds received from allottees into the designated Collection Account but instead transfer them to other accounts, thereby misusing the funds rather than utilizing them for project development. This practice is a violation of RERA provisions and a punishable offense. UP RERA is taking separate legal action against such cases. To enhance transparency and promote sector development, UP RERA has made the Collection Account details of all live RERA-registered projects available on the UP RERA portal under the ‘Details of Collection Account (Live Projects)’ link.

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UP RERA Chairman Sanjay R. Bhoosreddy has appealed to promoters and allottees to thoroughly check all project-related details on the portal before investing and ensure that payments are made only to the designated Collection Account. This will prevent misuse of funds, ensure proper utilization for project development, and help in timely project completion. Timely project completion not only enhances the credibility of promoters and fulfils the dream of homeownership for buyers but also strengthens the positive role of the real estate sector in the state’s overall development.

Bhoosreddy emphasized that strict legal action will be taken by RERA against any violation of these provisions, particularly if homebuyer funds are deposited into unauthorized accounts instead of the designated Collection Account.

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