RERA compliance
Under section 4(2)(l)(D) of the RERA Act 2016, 70% of the money collected from buyers must sit in a separate account and can be withdrawn only in proportion to completion. LoftRay classifies the cash in that account, takes every withdrawal through approval with its certificates, and builds the quarterly pack as PDF and Excel.
RERA · Designated account
Skyline Residences · Tower B
| Request | Basis | Certificates | Amount | Status |
|---|---|---|---|---|
| WDR/0019 | Completion to slab 8 | 3 of 3 | ₹2.40 Cr | Awaiting approval |
| WDR/0018 | Completion to slab 6 | 3 of 3 | ₹3.15 Cr | Transferred |
| WDR/0017 | Completion to slab 4 | 3 of 3 | ₹2.85 Cr | Transferred |
Who it’s for
The people who answer for this part of the project, and what each of them gets from it.
Knows how much of the designated account can be withdrawn, and that every withdrawal was approved.
Gets the quarterly pack as PDF and Excel instead of rebuilding it from bank statements.
Sees how construction progress supports the next withdrawal.
What it does
Everything listed here works in LoftRay today.
Money in the RERA designated account is classified, so you know what has come in, what has gone out and why.
Withdrawal requests carry their certificates and go through your approval chain before a transfer instruction is issued.
Quarterly packs are generated as PDF and Excel from the same records.
Your RERA rules are approved during setup, and a second person signs off any change before it is used.
How it works
Buyer receipts recorded in Collections are classified in the designated account.
The request is prepared against completion, with the certificates attached.
The request goes through your approval chain. No one approves their own request.
A transfer instruction is issued for the approved amount.
The quarterly pack is generated as PDF and Excel for your CA and the regulator.
Questions
Section 4(2)(l)(D) of the Real Estate (Regulation and Development) Act, 2016 requires 70% of the amounts realised from buyers to be kept in a separate bank account and used only for the land and construction cost of that project. Withdrawals must be in proportion to completion, certified by an engineer, an architect and a chartered accountant.
No. LoftRay prepares the quarterly pack as PDF and Excel; your team or CA submits it on the state RERA portal.
No. You approve your RERA rule set during setup, and a second person signs it off before it is used.
Sources
Each page below was read on . Products change: if something here is out of date, write to us and we will correct it.
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