When purchasing a home, large sums of money are being deposited, so it is extremely important to avoid even a small lapse during payment. UP RERA has advised homebuyers not to rely on the bank account details sent by the builder and to deposit money only into the collection account designated for the project.
In its appeal issued on October 12, UP RERA clarified that before making any payment for a house booking, installment, or other due amount, it is mandatory to check the details of the project's collection account on the official portal. Doing so maintains transparency in financial transactions and prevents potential risks.
According to the authority, buyers must ensure that their money is being deposited into the designated collection account of the exact project. Instead of depending solely on the bank account details provided by the builder or promoter, it is necessary to confirm them on the official portal.
UP RERA also clarified that if any builder or promoter asks for money to be deposited into an account other than the designated collection account, the buyer should inform the authority about this. A special link has been made available on the UP RERA portal through which buyers can share information related to requests for payment into another account. This official link for filing a complaint or providing information is https://www.up rera.in/frm_OtherAccount_DetailsofProject.aspx.
Homebuyers should keep three main things in mind: First, they must verify the collection account and make payments only into the designated account. Second, they must check before sending money and verify the account details on the official UP RERA portal. Third, if the builder or promoter asks to deposit the amount into another account, they must inform UP RERA.
This appeal by UP RERA has been issued with the aim of keeping homebuyers vigilant during the payment process and conducting transactions based only on official information. Therefore, the bank account must be verified before paying for a house booking or installment.