MahaRERA Form 3 – What It Is, Filing Guidelines, and Why It Matters for Homebuyers

For homebuyers, Form 3 is one of the strongest signals you have that a developer is actually compliant with MahaRERA's financial rules. A project that consistently files Form 3 on time is a project where buyer funds are being tracked.

This page covers:

• What Form 3 in MahaRERA is and its legal basis
• Why it exists — what it protects buyers from
• Key filing guidelines: 6 steps developers must follow
• Key requirements: escrow, third-party certification, six-monthly filing
• How Form 3 benefits homebuyers
• Filing responsibilities for developers and consequences of non-compliance
• How home loans connect to MahaRERA-compliant projects

MahaRERA Form 3 is a mandatory financial compliance statement that developers must submit while registering and managing projects under the Maharashtra Real Estate Regulatory Authority (MahaRERA). The form is certified by an independent Chartered Accountant (CA) and confirms the amount collected from homebuyers, how those funds have been utilised for the project, and the balance maintained in the designated escrow account.

The primary objective of Form 3 is to ensure that money collected from buyers is used only for the registered project. It prevents developers from diverting funds to other real estate projects, unrelated business activities, or non-project expenses, thereby improving financial transparency and accountability.

A properly filed Form 3 provides details of:

• Total amount collected from homebuyers
• Construction expenditure incurred
• Land and development costs
• Balance available in the designated escrow account
• Utilisation of project funds
• Chartered Accountant certification
• Compliance with MahaRERA financial regulations

Since Form 3 is submitted periodically during the construction phase, it enables homebuyers, investors, lenders, and regulators to monitor a project's financial progress, verify fund utilisation, and identify potential compliance issues at an early stage.

Before RERA, one of the most common complaints about Indian real estate, particularly in Maharashtra, was fund diversion. Buyers would pay for a project, the developer would spend that money elsewhere, and the original project would stall indefinitely. RERA's response was to mandate escrow accounts and require certified financial reporting on how those accounts are being managed.

Form 3 is the instrument that makes that reporting happen. It does not prevent all misuse — no document can — but it creates a paper trail that is reviewed regularly and certified by an independent professional. That accountability structure significantly raises the cost and risk of fund diversion for developers who take it seriously.

Step 1: Hire a registered Chartered Accountant

Only a CA registered with MahaRERA can certify Form 3. The CA reviews all financial details of the project before signing off — they are not simply stamping a developer's own numbers, they are independently verifying them.

Step 2: Fill in project financial details

Developers must provide: total funds collected from homebuyers, the amount spent on construction to date, and the remaining balance held in the project account.

Step 3: Declare escrow account details

MahaRERA requires every project to maintain a dedicated escrow account. At least 70% of funds collected from buyers must go into this account and be used only for land and construction costs, not for marketing, management fees, or other projects.

Step 4: Attach supporting documents

The filing must include bank statements from the escrow account, proof of construction expenditure (invoices, payment receipts), and copies of relevant contracts for land or construction.

Step 5: Submit online

Form 3 and all supporting documents are uploaded to the MahaRERA portal. Physical submission is not accepted.

Step 6: File every six months

This is not a one-time requirement. Developers must submit Form 3 every six months to update the financial picture of the project throughout its construction lifecycle.

A developer filing Form 3 regularly and correctly gives you three concrete protections. First, your money is traceable — the escrow requirement means funds collected for your project cannot quietly disappear into another one. Second, the six-monthly filing cycle means any financial irregularity gets flagged relatively quickly, rather than surfacing years later when a project is already stalled. Third, because the CA certifying the form faces professional and legal consequences for false certification, the incentive to accurately report is far higher than in an unregulated environment.

None of this is foolproof: Form 3 depends on accurate reporting and genuine CA oversight, and both have occasionally failed in practice. But a project with a clean, consistent Form 3 filing history is meaningfully safer than one without.

For developers, Form 3 is both a legal obligation and a credibility signal. Filing correctly and on time demonstrates that the project's financial management is sound. Developers who fail to file Form 3, file incorrectly, or provide false information face heavy penalties under MahaRERA, including fines and, in serious cases, project registration cancellation. Beyond the regulatory consequences, buyers of a project where Form 3 is missing or non-compliant have grounds for complaint before the MahaRERA adjudicating officer.

A MahaRERA-compliant project with a clean Form 3 filing history is one of the strongest signals of a trustworthy investment. If you are financing a MahaRERA-registered property, Bajaj Finance offers home loans from 7.25% p.a.* with amounts up to Rs. 15 Crore* and tenures up to 32 years. Check your eligibility today.