Ahmedabad: The Gujarat Real Estate Regulatory Authority (GujRERA) has fined developers nearly Rs 3.5 crore for violating rules on RERA-mandated bank accounts, stepping up action against the misuse of homebuyers’ funds.

In a recent drive, GujRERA passed orders in eight suo motu cases, imposing fines ranging from Rs 95,000 to Rs 2 crore. The highest penalty of Rs 2 crore was levied on a Surat-based promoter for not following mandatory fund deposit rules.

Officials said action has been taken against both key violations, failure to deposit 70% of buyer funds into designated accounts and excess withdrawals beyond permitted limits.

Under RERA, developers must keep 70% of collected funds in a separate bank account and use it only for land and construction. Withdrawals are allowed only in proportion to project progress and require certification from experts.

GujRERA said the penalties followed scrutiny of developers’ financial records and warned of more action as checks continue. The crackdown aims to prevent fund diversion and protect homebuyers’ interests. DeshGujarat