Taking a cue from the Supertech Home Buyers case (as discussed in Part I of this series), the Haryana Real Estate Regulatory Authority (HRERA) has now issued directions to promoters on opening bank accounts, titled as ‘The Haryana Real Estate Regulatory Authority, Gurugram Bank Accounts for the Registered Projects Directions, 2019’ (Directions).
The Directions discuss the opening and maintenance of bank accounts specified under the Real Estate (Regulation and Development) Act, 2016 (Act) and the Haryana Real Estate (Regulation and Development) Rules, 2017 (Rules). The Directions have been issued pursuant to the powers conferred under Section 37 of the Act, which enable the HRERA to issue necessary directions from time to time to the promoters (developers) or allottees or real estate agents.
Continue Reading The 70% Conundrum Part II – Game Changing Directions of Haryana RERA