How to change RERA Bank Account in Karnataka?

How to change RERA Bank Account in Karnataka?
  • General
  • Thursday 30th January 2020
  • Author: Riya Kapoor

Highlights

  • RERA Bank Account means the separate bank account to be maintained by the promoter in a scheduled bank

  • The promoter may change the RERA Bank Account from one Bank to another Bank only with the prior permission of the Authority.

  • Promoter is also required to submit fund transfer compliance letter as per Template Form 7

RERA Bank Account means the separate bank account to be maintained by the promoter in a scheduled bank in the local branch where the project is going on, in the State of Karnataka as per section 4(2)(I)(D) of the Act to cover the cost of construction and the land cost of the project.

The promoter may change the RERA Bank Account from one Bank to another Bank only with the prior permission of the Authority. For RERA Bank Account change request, Promoter has to submit through Authority’s web portal along with necessary documents in the following forms:

a. Application for change in RERA Bank Account as per Template Form 5 along with the applicable Affidavit prescribed therein along with the Board Resolution from the concerned applicant (if the applicant is other than individual).

b. Certificate of the account balance from Bank with existing RERA Bank Account as per the Template Form 6.

c. Account Statement / Copy of Passbook of account proposed as new RERA Bank Account.

d. The Proposed RERA Bank Account shall be opened in the local Bank branch where the project is going on, in the state of Karnataka.

Promoter is also required to submit fund transfer compliance letter as per Template Form 7 (Confirmation letter for change in RERA Bank Account) along with Form Template Form 8 (Certificate of fund transfer from Bank with Form Template Form 8 (Certificate of fund transfer from Bank with new RERA Bank Account ) and Proof of previous RERA Bank Account closure.

For the change in Bank Account, contact us.

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