The Real Estate Regulation and Development Act, 2016 has mandated the issuance of Withdrawal Certificate which is duly certified by an Engineer, an Architect, and a CA in practice.
RERA mandates that 70% of all the money which has been collected from the Buyers be deposited into a separate Bank Account. Withdrawing any money from the account requires a certificate which has been signed by the aforementioned professionals.
So, let us understand who the appropriate Qualified Professionals are, who are authorized to sign the certificates:
Engineer: The Act specifies that an Engineer means a person who possesses a bachelor’s degree or an equivalent from an institution recognised by the All India Council of Technical Education (AICTE) or any University or any institution recognised under a law or is registered as an engineer under any law for the time being in force.
Architect: The Act specifies that an Architect means a person registered as an architect under the provisions of the Architects Act, 1972.
Chartered Accountant: The Act specifies that a Chartered Accountant is a person who is the member of The Institute of Chartered Accountants of India. It is also to be noted that the Chartered Accountant signing the withdrawal certificate should be different from the one doing the statutory compliances for the promoter.