This order outlines the Standard Operating Procedure (SOP) for the maintenance and operation of project bank accounts for real estate projects under the Real Estate (Regulation and Development) Act, 2016. It specifies requirements for promoters regarding the operation of designated project bank accounts, including the RERA Master Account, RERA Project Account, and RERA Promoter Account. Key provisions include the transfer of funds between accounts, withdrawal guidelines, audit requirements, and the responsibilities of both promoters and banks. Additionally, it mandates compliance with certification from architects, engineers, and chartered accountants for withdrawals, and imposes penalties for non-compliance.
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