Lucknow: UP RERA has taken a major step toward increasing transparency in the real estate sector by making the collection account details of all registered live projects publicly available on its portal. As per RERA Act 2016, 70% of the project funds must be kept in a separate account for construction and development, while the remaining 30% is used for administrative expenses. UP RERA’s 29 November 2023 guidelines mandate promoters to share details of collection, separate, and transaction accounts on the portal and to include collection account info in all promotional material.
Chairman Sanjay R. Bhoosreddy emphasized that any misuse of buyer funds by promoters would face strict legal action. He urged both buyers and promoters to verify project details on the RERA portal and ensure payments are made only to the collection account. This move aims to protect buyer interests, ensure timely project completion, and enhance promoter credibility. Ultimately, it positions Uttar Pradesh as a model for transparent and trustworthy real estate practices.
