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RERA or Real Estate (Regulation and Development) Act, 2016 applies to residential and commercial projects. It is mandatory for promoters/developers/builders to register their projects before advertising or selling them and to deposit 70 percent of customer advances or project funds into a separate dedicated account so that funds are utilized for the related project only.
- 100% of the project collection shall be deposited into a project collection account
- 70% of the amount from the project collection account shall be transferred to the
designated RERA Account
- Balance 30% of the amount from the project collection account shall be
transferred to the Utilization Current Account