| S.No. | Field / Checkpoint | Reference | Status |
|---|---|---|---|
| A. BUYER LEDGER | |||
| A1 | Buyer name + unit + agreement date + total consideration Acceptance: Linked | Per agreement | OK NC NA |
| A2 | Booking amount + agreement amount + milestone payments (date + amount) Acceptance: Per RERA milestones | Per agreement schedule | OK NC NA |
| A3 | GST + stamp duty + maintenance deposit Acceptance: Itemised | Per state + agreement | OK NC NA |
| B. DEMAND LETTERS | |||
| B1 | Demand letter no. + date + milestone + amount due + due date Acceptance: Issued per milestone | Per agreement schedule | OK NC NA |
| B2 | Demand basis — construction stage / agreement clause Acceptance: Per Sec 19 | Per RERA — only milestone-linked | OK NC NA |
| B3 | Late payment notice + interest (per RERA Sec 18) Acceptance: Per Act | Same rate as builder pays buyer | OK NC NA |
| C. RECEIPTS + RECONCILIATION | |||
| C1 | Receipt no. + date + amount + bank credit + escrow deposit % Acceptance: Logged | 70% to escrow mandatory | OK NC NA |
| C2 | Outstanding amount + due dates + collection follow-up Acceptance: Tracked | Per ledger | OK NC NA |
Under RERA Section 19(6)-(7), the buyer is obligated to pay milestone-linked instalments and the promoter must collect on construction-stage basis — NOT in advance, NOT lump-sum. The Customer Ledger is the per-buyer account showing every demand, every receipt, every adjustment. The Demand Letter is the formal trigger requiring the buyer to pay at milestone completion.
Without disciplined ledger + demand discipline, projects run into: - Buyer disputes ("I already paid that" — but no receipt traceability) - Escrow compliance gaps (collecting before milestone, banking outside escrow) - RERA complaints (premature demands; refund + interest awarded by Authority) - Internal cash-flow blindness (sales says collected; accounts says not received)
This ledger is the master document for every buyer file.
Per-buyer ledger captures: - Buyer details (name + PAN + Aadhaar reference + address + contact) - Unit details (tower / floor / unit no. / carpet area / parking) - Agreement details (date + total consideration + sub-totals: base price + PLC + floor rise + parking + maintenance corpus + GST + stamp duty + registration) - Payment schedule (milestone-wise — booking, agreement, plinth, slabs by level, finishing, completion, possession) - Demand history (date + milestone + amount + due date + status) - Receipt history (date + amount + mode + bank credit + escrow %) - Outstanding ageing (0-30 / 31-60 / 61-90 / 90+ days)
Demand letter content: - Buyer name + unit - Demand number + date - Milestone achieved (with photo + engineer's certification) - Amount due + GST + late-payment interest (if applicable) - Due date (typically 21-30 days from demand) - Payment mode (cheque / NEFT / RTGS to escrow account) - Bank details (escrow account + IFSC) - Consequences of non-payment (interest at MCLR + 2% under RERA Sec 19(6))
70% escrow rule (RERA Sec 4(2)(l)(D)): of every receipt, 70% goes directly to project-specific RERA escrow; only 30% to promoter's working account.
1. Premature demand — demanding plinth payment before plinth is actually cast. RERA buyer complaint succeeds; refund + interest. 2. Off-milestone demand — "agreement amount" demanded in full at booking; against RERA milestone discipline. 3. GST not separately billed — bundled in demand without HSN; GSTIN audit issue + buyer ITC blocked. 4. Escrow violation — 100% received in operating account; 70% not transferred to escrow within stipulated days. 5. Receipt-to-ledger mismatch — buyer pays ₹5L; accounts records ₹4.5L (₹50K "adjustment"); buyer files complaint. 6. Interest calculation wrong — RERA Sec 19(6) requires SAME interest rate that promoter would pay buyer for delayed possession (Sec 18). Asymmetric rates = RERA violation. 7. Demand letter not engineer-certified — milestone achievement claimed but no Engineer's Certificate; demand becomes contestable. 8. No demand-letter copy in buyer file — only soft copy; if dispute escalates, no proof of demand served. 9. Late-payment interest waived informally — sales team verbally agrees but ledger shows full interest; buyer expects waiver = dispute. 10. Cancellation forfeiture — RERA caps forfeiture at 10% of total consideration; ledger shows higher = RERA refund order.
Companion formats: - RERA Quarterly Compliance (FMT-RER-001) — quarterly progress + financial filings - Escrow Reconciliation (FMT-RER-002) — 70% escrow tracking - Engineer's Certificate for milestone — pre-requisite before issuing demand letter - Possession Handover Checklist (FMT-RER-005)
Regulatory: - RERA Act 2016 Sec 4(2)(l)(D) — 70% escrow mandate - RERA Sec 18 — promoter delay interest (MCLR + 2%) - RERA Sec 19(6)-(7) — buyer payment obligations - GST Act 2017 — separate HSN-coded invoicing - State RERA Rules — demand format + content requirements (Maharashtra MahaRERA / Karnataka K-RERA / UP-RERA each have minor variations)