Notification/Circular No.: 20/REPA/2025/339 dated May 22,2025
Applicable Act/Rule: Real Estate (Regulation and Development) Act, 2016
Under RERA regulations, promoters are typically required to maintain a designated bank account for project funds. However, certain projects registered as already completed (based on submitted documents) but which obtained their Completion Certificate (CC) after registration were facing ambiguity in this requirement.
Chhattisgarh Real Estate Regulatory Authority (CG RERA) has clarified that for projects registered as completed at the time of registration, which subsequently obtained Completion Certificate (CC) post-registration, it is not mandatory to disclose a designated account during the compliance process.
Instead, while updating the Quarterly Progress Reports (QPRs), the promoter’s regular account details may be submitted in place of a designated account.
Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article.