UP-RERA has urged homebuyers to verify a project’s authorised collection account before paying a builder. Know how to check bank details, respond to requests for other accounts and protect payment records.
Buying a flat in Delhi-NCR often involves investing years of savings, making it essential to check every detail before transferring money to a builder. One important step that homebuyers should not overlook is verifying the bank account into which they are asked to deposit the booking amount or instalments.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has advised homebuyers to make payments only to the authorised collection account of the concerned real estate project. The warning highlights the importance of checking account details through official records rather than relying solely on payment instructions shared by a builder or promoter.
UP-RERA Advises Buyers to Verify Bank Details Before Booking
According to UP-RERA, buyers should confirm the authorised collection account listed for a real estate project on the official RERA portal before making any payment. This verification helps them establish whether the account details match the project’s official records.
Homebuyers should not assume that bank details are genuine simply because they arrive through a text message, email or other communication from a builder. Checking the information independently can help reduce the risk of transferring money to an incorrect or unauthorised account.
This precaution is particularly important before paying a booking amount or making instalment payments during the purchase process.
What If a Builder Asks You to Pay Into Another Account?
UP-RERA has cautioned buyers to remain alert if a builder or promoter asks them to transfer money to an account other than the project’s authorised collection account.
Such a request should be verified before any funds are transferred, as making payments to an unverified account could expose buyers to financial loss.
If a buyer is pressured to deposit money into a different account, they should pause the transaction, cross-check the details against the official RERA records and seek clarification. If the issue remains unresolved, they can consider filing a complaint with UP-RERA.
UP-RERA’s Three Key Safety Tips for Homebuyers
UP-RERA Chairman Sanjay Bhoosreddy has advised homebuyers to follow three important precautions when making payments for a property.
Pay only into the authorised account: Deposit booking amounts and instalments into the collection account designated for the relevant project. Verify details before transferring money: Check the account information against the official RERA portal before making a payment. Report suspicious payment demands: If a builder insists on payment to another account, verify the request and approach the authority if necessary. Keep Payment Records Safe
Buying a home is a major financial commitment, and careful documentation can help buyers protect their interests. Keep payment receipts, bank transaction records and written communications from the builder safely stored.
Before transferring money, independently verify the account details and retain evidence of every transaction. A few checks before payment can help homebuyers avoid preventable financial complications.