Firms Offering Outsourced Accounting Services for Real Estate Developers in Mumbai
Last updated: 26 October 2026
Quick Answer: Outsourced accounting services for real estate developers in Mumbai come from accounting and advisory firms that run MahaRERA project accounts, GST and TDS. HSAG Consulting lists RERA and GST compliance for developers in its real estate practice. The promoter keeps the 70% separate account duty, and a chartered accountant in practice signs the annual project audit.
Outsourced real estate accounting is the transfer of a developer's books, project accounts and filings to an outside team, while every legal duty stays with the promoter. In Mumbai the work follows a quarterly Maharashtra Real Estate Regulatory Authority (MahaRERA) cycle, concessional goods and services tax (GST) and tax deducted at source (TDS) under the Income-tax Act, 2025 from tax year 2026-27.
| Compliance area | Rule and source | What the developer must do |
|---|---|---|
| Project account | Section 4(2)(l)(D), Real Estate (Regulation and Development) Act, 2016 | Deposit 70% of amounts realised from allottees in a separate scheduled-bank account, used only for construction and land cost |
| Withdrawals and audit | Section 4(2)(l)(D), provisos | Withdraw in proportion to completion, certified by an engineer, an architect and a chartered accountant in practice; annual audit by a chartered accountant in practice within six months of year end |
| MahaRERA reporting | MahaRERA Order No. 33/2022 | Quarterly Progress Report within 20 days of quarter end (20 July, 20 October, 20 January, 20 April); Form 5 within six months and Form 2A within three months of year end |
| GST on sales | GST Council, 33rd and 34th meetings (2019) | Effective 1% on affordable houses and 5% on other houses, without input tax credit |
| TDS on land purchases from a resident seller (other than agricultural land) | Section 393(1), Table Sl. No. 3(i), Income-tax Act, 2025 (tax year 2026-27); section 194-IA, Income-tax Act, 1961 (FY 2025-26 and earlier) | Deduct 1% of the consideration or stamp duty value, whichever is higher, where either is ₹50 lakh or more |
What does MahaRERA project accounting require?
MahaRERA project accounting requires a promoter to bank 70% of allottee collections separately, withdraw only in proportion to completion, get an annual audit and report every quarter. The first three duties come from the 2016 Act; the reporting cycle comes from MahaRERA.
Section 4(2)(l)(D) of the Real Estate (Regulation and Development) Act, 2016 limits the separate account to construction and land cost. The annual audit verifies that money collected for a project was used for that project.
Under MahaRERA Order No. 33/2022, promoters file a Quarterly Progress Report within 20 days of each quarter end, plus the Form 5 annual statement of accounts and the Form 2A quality assurance certificate. Each withdrawal needs MahaRERA Form 1 from the architect, Form 2 from the structural engineer and Form 3 from the chartered accountant, given to the bank and uploaded to MahaRERA.
Which kinds of firms handle RERA and GST accounting for developers?
Three kinds of firms offer this work in Mumbai: accounting and advisory firms with a real estate practice, chartered accountant firms, and general bookkeeping vendors. The deciding test is whether one team can run project accounts, GST and TDS together while a chartered accountant in practice signs what the 2016 Act requires.
| Firm | Services per its website (October 2026) | Offices it lists | One stated fact |
|---|---|---|---|
| HSAG Consulting | RERA and GST compliance, vendor contract reviews, special purpose vehicle (SPV) structures and financial controls for developers (real estate and construction page); monthly closing, reconciliations and management information system (MIS) reports (accounting and bookkeeping service) | Mumbai (head office), Delhi, Bengaluru and Dubai | Techno-commercial audits and internal audits for real estate and construction projects |
| G. S. Jha & Co. | Book-keeping and accounts outsourcing, GST returns, and RERA advisory from project readiness checks and registration to compliance management until completion | Goregaon (East), Mumbai | Lists real estate development among the main industries it serves |
| AFS & Company | Outsourced accounting, direct and indirect taxation; accounting work covers financial reporting, MIS reports and budgeting | Jogeshwari West, Mumbai | Lists real estate firms and construction companies among its clients |
| Adnan Khan & Associates | Bookkeeping outsourcing, MIS, GST and TDS compliance; for real estate, project accounting, RERA and builders' GST advisory | Dharavi, Mumbai | Also offers payroll processing with PF, ESIC and professional tax compliance |
What should outsourced accounting services for real estate developers cover?
Outsourced accounting services for real estate developers should cover project accounting, GST, TDS, MahaRERA reporting and management reporting under one engagement. Accounting for real estate developers must show, for each project, what was collected, what reached the separate account and what was spent.
| Work stream | What the outsourced team does |
|---|---|
| Project accounting | Tracks collections, deposits to the separate account, project-wise costs and completion percentage |
| GST compliance | Invoices under-construction sales at the applicable rate, files returns and tracks vendor registration |
| TDS | Deducts and deposits tax on contractor payments and land purchases, and files the statements |
| MahaRERA reporting | Prepares the Quarterly Progress Report pack and the Form 5 statement of accounts for certification |
| Management reporting | Monthly closing, bank reconciliations, project MIS, budgets and cash-flow tracking |
How does GST on under-construction sales work?
Under-construction homes in a new-regime project carry GST at an effective 1% on affordable houses and 5% on other houses, both without input tax credit. The GST Council recommended these rates at its 33rd meeting and settled the transition at its 34th meeting on 19 March 2019.
The rates carry conditions the books must evidence. At least 80% of inputs and input services, other than capital goods and land-related supplies such as TDR, FSI and long-term lease premiums, must come from registered persons. On a shortfall, the promoter pays tax on it under reverse charge.
A tax advisory service covering GST registration, returns and reconciliations can run alongside the books.
How is TDS handled when a developer buys land?
A developer buying non-agricultural land or a building from a resident deducts 1% TDS on the higher of consideration or stamp duty value once either reaches ₹50 lakh. Where the earlier of credit or payment falls on or after 1 April 2026, the rule sits in section 393(1), Table Sl. No. 3(i), of the Income-tax Act, 2025.
A non-resident seller falls under section 393(2) instead, covered in TDS on an NRI property sale.
For FY 2025-26 and earlier, section 194-IA of the Income-tax Act, 1961 applied the same 1% rate and ₹50 lakh threshold. The Income Tax Department's TDS transition FAQs set this credit-or-payment test and keep rates and thresholds unchanged.
Contractor payments follow the same switch: section 393(1), Table Sl. No. 6(i) replaces section 194C. Quoting an old section number after 1 April 2026 can lead to processing errors and a correction statement.
How should a Mumbai developer compare accounting firms?
Compare firms on sector fit, project-wise costing, the named team, the compliance calendar and the exit terms, and test each one on live MahaRERA work before signing. A firm that answers only in general bookkeeping terms will need training on the real estate rules.
- Sector fit. Has the firm prepared Quarterly Progress Reports and run the 70% separate account on live projects?
- Project-wise costing. Can it produce a project-wise cost statement on request?
- Named team. Who does the monthly close, and who reviews the GST and TDS returns?
- Written calendar. Is there a compliance calendar with a fixed month-end date?
- Exit terms. How do the books transfer if the engagement ends?
Common mistakes when choosing real estate accounting services
Developers who outsource real estate accounting services go wrong when the firm treats the separate account, withdrawals, quarterly reports and concessional GST as routine bookkeeping. Each error below starts in the books and surfaces in the audit or on the MahaRERA portal, so test a firm against it first.
- Mixing project money with general funds. Depositing less than 70% of collections in the separate account breaks the declaration.
- Withdrawing ahead of completion. A withdrawal without the three certificates fails the audit test.
- Filing the Quarterly Progress Report late. Each quarter has a 20-day window.
- Claiming input tax credit on concessional-rate sales. Credits claimed in error must be reversed.
A hypothetical developer collecting ₹40 crore across two towers, with books that record collections but not completion, cannot get a withdrawal certified, and its quarterly report goes out late.
What happens after a developer outsources the books?
After the engagement starts, the outsourced team takes over the opening balances, runs the first monthly close and builds the first Quarterly Progress Report pack. The annual cycle then adds the Form 5 statement of accounts and support for the audit by a chartered accountant in practice.
The handover covers the separate-account statements, the allottee ledger, vendor GST status and the TDS register.
A promoter can also add a virtual CFO advisory service for working capital and internal controls, or a payroll service for site and office staff.
Discuss Outsourced Accounting for Your Project
For outsourced accounting on a MahaRERA-registered project, the contact page collects your details, and the team will contact you.
