Consent Letter for maintaining and operating RERA designated bank accounts for a real estate project
The Tamil Nadu Real Estate Regulatory Authority, Chennai provides this consent letter format for landowners and promoters who jointly apply to register a real estate project and need consent to maintain and operate its RERA designated bank accounts. It records the project and bank account details, how money received from allottees will be divided, and the landowners’ consent for the named person or promoter to operate the accounts.
What the consent letter covers
The Consent Letter for maintaining and operating RERA designated bank accounts for a real estate project is a format issued by the Tamil Nadu Real Estate Regulatory Authority, Chennai. It is intended for a project registration application jointly filed by a landowner and another person or promoter in compliance with Section 3(1) of the Real Estate (Regulation and Development) Act, 2016.
The format allows the signatories to identify themselves in either of these ways:
- Owners of the project land who have applied to register the project.
- Landowners who have entered into an agreement with a promoter to develop the project.
Project and account information
The consent letter requires the project name, whether it is a layout or building, its address, and its survey numbers. It also provides spaces for the bank, branch and account numbers.
In compliance with Section 4(2)(l)(D) of the Act, the format lists three accounts that may be opened either in the name of one of the landowners or in the name of the promoter:
- RERA Designated Collection Account, for 100%.
- RERA Designated Separate Account, for 70%.
- RERA Designated Transaction Account, for 30%.
The portion that does not apply must be struck out.
Handling money received from allottees
The Consent Letter for maintaining and operating RERA designated bank accounts states that all amounts received from allottees must first be deposited in the RERA Designated Collection Account. At the end of the same day, 70% must be transferred through an auto sweep facility to the RERA Designated Separate Account. The remaining 30% must be transferred to the RERA Designated Transaction Account.
Who gives consent
The landowner or landowners use the consent letter to authorise the named person or promoter to maintain and operate the three accounts. Each landowner must provide their name and address, mobile number, email address, signature and date.
For a property professional or project participant, the completed letter shows who owns the land, who is developing the project, whose name the accounts are held in, and who has the landowners’ consent to operate them.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Who needs to sign the RERA bank account consent letter?
The landowner or landowners provide their names, addresses, contact details, signatures and dates. Their signatures convey consent for the named person or promoter to maintain and operate the designated accounts.
Can the designated accounts be opened in a landowner’s name?
Yes. The format allows the three accounts to be opened in the name of one of the project landowners. It also provides an alternative for opening them in the promoter’s name.
How must money collected from allottees be divided?
All money must first enter the RERA Designated Collection Account. At the end of the same day, 70% is transferred by auto sweep to the RERA Designated Separate Account and the remaining 30% to the RERA Designated Transaction Account.
What project details must be entered in the consent letter?
The format asks for the project name, whether it is a layout or building, the address and the survey numbers. It also asks for the relevant bank, branch and account numbers.
