One Partnership Firm X , engaged in real estate sector having utilized the amount paid by customers on Advance Bookings, now the firm wanted to be RERA Compliant.
So, here i need clarifications regarding the following issues,
1. Will the firm getting registered now if yes how ?
2. How do we treat the advances already received !
Cease further marketing until the RERA registration number is obtained, as advertising or booking without it is illegal.
Initiate the registration process on the state portal immediately under the "Ongoing Projects" category.
Open a separate RERA-compliant escrow bank account for the project to manage current and future collections in compliance with the 70% rule.
Maintain transparency by updating allottees about the RERA registration status, as this builds trust and protects the firm from potential consumer complaints or legal disputes.
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