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12 Oct 2026
MahaRERA Bank Account Compliance : Promoter Self-Declaration Requirements Explained
For each and every registered real estate project, proper management of the project funds is an essential aspect of MahaRERA. It is mandatory for promoters to maintain the prescribed separate bank account and make sure that project collections are made according to the RERA guidelines.
A self-declaration by promoter has been prescribed by MahaRERA with respect to separate bank account. This would be useful for understanding what aspects are covered under self-declaration.
What Is the MahaRERA Separate Bank Account?
As per Section 4(2)(l)(D) of the RERA Act, 70% of the amount received from allottees for a real estate project needs to be deposited into an account that is opened separately with a scheduled bank.
This amount is meant to payoff the land cost and the construction cost of the real estate project.
What Is the Promoter Self-Declaration?
Format ‘A’ declared by MahaRERA is Declaration of Separate Bank Account for Real Estate Projects which contains the details related to the bank account of the real estate projects. The details include:
Name of the promoter
Name of the project
Account name
Account number
Bank and branch
IFSC code
It is stated by the promoter that the account fulfills all the required conditions of MahaRERA.
What Does the Promoter Have to Declare?
Under the prescribed declaration, the promoter confirms that the account:
1. Is a separate bank account
The record is to be kept specifically for the funds required by the project and the 70% that will be collected from the allottees.
2. Is a no-lien account
This declaration mandates the establishment that this account is no-lien account; this means that no loans or charges can be levied against the money deposited in the account.
3. Will be used only for permitted purposes
The promoter assures compliance with the RERA Act, the Rules & Regulations, and orders/circulars of MahaRERA in respect of any withdrawal and use of money.
4. Will be audited
The distinct bank account should be audited as per the stipulated period following the close of the fiscal year, where the necessary account statements would be uploaded on the MahaRERA promoter website.
MahaRERA's Project Bank Account Framework
MahaRERA's directions also provide for a structured bank-account mechanism involving:
Collection Account – receives project collections from allottees.
Separate Bank Account – receives the prescribed 70% of collections and is used for permitted land and construction costs.
Transaction Account – used for the remaining permissible project transactions.
The directions are intended to improve transparency, accountability and financial discipline in registered projects.
Can a Promoter Change the Separate Bank Account?
Modifying the separate designated bank account is more than an internal matter of the bank.
There is an established process through which the separate designated bank account is changed from one scheduled bank or branch to another, as per MahaRERA. The promoter is supposed to get the approval of the Authority and submit certain documents, including a self-declaration on why this modification is needed.
Thus, the developers must never modify the project bank accounts without the help of the MahaRERA process.
Why Is Bank Account Compliance Important?
In the case of developers, non-compliance with the rules may result in problems in the following areas:
Use of project funds
Reporting of finances
Yearly audits
Registration of projects
With correct banking records and timely submission of declarations, you can avoid most of the compliance-related problems.
What Should Developers Keep Ready?
The developers need to keep the following documents in an organized manner:
Individual bank account information
Collection account/transaction account information, if any
Promoter information
Bank statement
Chartered Accountant Certification
Audit report
Information on the withdrawals and utilization of project funds
Approvals from MahaRERA regarding changes to bank accounts
How RERA Vision Can Help
At RERA Vision, we help developers understand and manage their MahaRERA compliance requirements, including project registration, documentation, bank-account compliance, financial disclosures and ongoing regulatory requirements.
Our objective is to help promoters maintain accurate documentation and follow the applicable MahaRERA processes throughout the project lifecycle.
Final Thoughts
MahaRERA bank-account compliance is an important part of responsible project management. The promoter's self-declaration is not merely a formality—it confirms that the designated account meets specific requirements relating to separate project funds, no-lien status, permitted utilisation and financial auditing.
Developers should ensure that their bank-account structure, declarations and supporting financial documents remain accurate and aligned with the latest MahaRERA requirements.
FAQs – MahaRERA Bank Account Compliance
1. What is the MahaRERA separate bank account?
A separate bank account of MahaRERA is the dedicated account where the specified proportion of proceeds from allottees shall be lodged and will be used for the purpose that is allowed under RERA.
2. What is the 70% bank account rule under RERA?
As per Section 4(2)(l)(D) of RERA, 70% of the money that is received from the allottees of any project shall be deposited in an exclusive account held at a scheduled bank.
3. What is a promoter self-declaration under MahaRERA?
Promoter Declaration Form is a prescribed form through which the promoter certifies various particulars with regard to the separate bank account of the project.
4. What details are included in the MahaRERA bank account declaration?
This may include the promoter information and project information, account name and number, bank and branch information, IFSC code, and confirmations regarding compliance with the relevant requirements.
5. What is a no-lien account under MahaRERA?
In a no-lien account, there is no charge that can be placed on the money in the account. The declaration that is prescribed by MahaRERA needs to be confirmed for the account that is concerned.
6. Can the MahaRERA separate bank account be used for any project expense?
Not applicable. The money kept in the separate account has to be used strictly as per the RERA Act, Rules and Regulations, as well as MahaRERA directions.
7. Does MahaRERA require an audit of the separate bank account?
Yes. The bank account will be subjected to the mandatory financial audit and certification requirements. The promoters will need to keep and present the necessary financial documents.
8. Can a promoter change the MahaRERA project bank account?
However, the promoter cannot unilaterally make changes to the separately maintained bank account unless the process according to MahaRERA rules is followed. If the consent is needed, the application, along with other necessary documents, should be filed.
9. What is the self-declaration required when changing a MahaRERA bank account?
If necessary, the promoter should give a self-declaration detailing the reason behind the intended modification, together with the relevant documents required by MahaRERA.
10. What are the three bank accounts used under the MahaRERA framework?
The framework of MahaRERA regarding the bank accounts allows for the following three types of accounts: the Collection Account, Separate Account, and Transaction Account.
11. Why is MahaRERA bank account compliance important for developers?
Appropriate compliance in bank account ensures the transparency of money used for project and also assists in fulfilling the financial responsibility of promoter under RERA.
12. What happens if a promoter does not follow MahaRERA bank account requirements?
Failure to abide by this could lead to regulatory inquiries and other such consequences as per the relevant provisions under the RERA Act and the guidelines issued by MahaRERA. Proper documentation must be maintained by the promoters.
