RERA Business Account by Jana Small Finance Bank is a current account for Builders/Developers to enable smooth flow of funds to support their real estate project.

The Real Estate (Regulation and Development) Act, 2016 (RERA) act was enacted to safeguard the interest of home buyers and to be monitored by state level RERA Authority.

The promoter of a real estate development firm should maintain a separate account, hereinafter being referred as RERA Account, for each of their projects with a scheduled commercial bank. A minimum % of money collected in the RERA Account should only be used for the construction of the project and the borne towards the land.

It is the responsibility of the developer to comply with the guidelines issued under the act and by the RERA accounts i.e. collection of funds and payments from the RERA account.

Salient Features:

• The Project Receivable RERA account shall be opened as an RERA Collection Account and operated in the following manner:
• 100% of the project receivables collected shall be deposited into the Project Receivable RERA account.
• The Bank shall, at EOD every day, transfer the balance from the Project Receivable RERA account in the following manner through a “Standing Instruction”;
• 70% of the amount in the Receivable account shall be transferred to the Project Designated RERA account.
• Balance 30% of the amount in the Project Receivable RERA account shall be transferred to the Promoter/Developer/Builder’s current account.
• The Project Designated RERA account shall be opened as an account with account operations subject to the following guidelines:
• All transactions in the account shall be in accordance with the norms given in the RERA Act, as in the funds must be used for land acquisition, building, and project completion only.
• Credits, as mentioned above, would be initiated by the Bank on a “standing instruction” basis at EOD every day from the Project Receivable RERA account.
• Each withdrawal/transfer from the Project Designated RERA Account shall be made on receipt of a request letter from the Promoter, signed by the authorized signatory of the Promoter (i.e. Project Engineer, Architect & Chartered Accountant)
• The Promoter/Builder/Developers account shall be opened as a Regular Current account, or any current account as requested by the developer.

Eligibility Criteria:

RERA Accounts can be opened by the project developer who is developing / constructing a real estate project, whether residential or commercial or mixed use, and are in the process of applying for RERA registration or have already registered the project with the RERA Authority.

Eligible Projects for opening RERA Account

• Projects having a built-in space of a minimum of 500 square meters or 8 flats
• For projects where completion certificate has not been received

How to Apply

• Visit the nearest branch of Jana Small Finance Bank and our Relationship Manager will guide you on the application process.
• You can also contact us and our Customer Care Executive will fix a service appointment with our Relationship Manager to help you with the application process.