Project finance gaps
Construction funding misjudged or arranged late. We build the project report and lender file, and structure the finance to finish.
Project finance, RERA and cash — controlled.
Virtual CFO for Real Estate Developers
Senior CA / ex-banker–led fractional CFO support for Indian real estate developers — project finance, RERA-compliant accounting, escrow discipline, collections and cash-flow control, at a fraction of a full-time CFO’s cost. A vCFO who runs the numbers project by project, and arranges the funding to finish them. ₹4,250 Cr+ mobilised across 100+ mandates since 2011.
CA / ex-banker led RERA & escrow Project finance
A track record since 2011, in numbers
₹4,250 Cr+
Group capital facilitated since 2011₹550 Cr
Largest single facility structured100+
Deals advised end to end20–40 hrs
Structured bandwidth per monthSince 2011
CA / ex-banker, senior on every fileA Virtual CFO for a developer is a senior finance leader embedded part-time with operating accountability — built for promoter-led developers that need project-level financial control, RERA-compliant accounts and lender-ready project finance, but don’t yet justify a full-time ₹50 L–1.5 Cr CFO hire. Unlike an external advisor, the vCFO owns the numbers project by project.
Where developers get caught out
The finance gaps that stall a project
In real estate the risk sits at the project level — funding, escrow and cost-to-complete. These are the gaps a virtual CFO closes.
RERA & escrow slip-ups
The 70% escrow discipline and withdrawal certification done wrong invite penalties. We set up RERA-compliant project accounting.
Collections drifting
Customer receivables and demand-linked collections untracked. We tie collections to construction milestones and chase the gaps.
Cost-to-complete blind spots
Cost overruns spotted too late. We forecast cost-to-complete against funding so shortfalls surface early.
No project-level P&L
Profitability blurred across projects and entities. We build project- and tower-level financials so each one is clear.
Idle capital in finished stock
Capital locked in unsold or completed inventory. We unlock it through LRD and refinancing on the right assets.
Three ways to engage
Three engagement models — fitted to your projects
From full-stack monthly bandwidth to a single-project mandate. Fees are indicative and scoped case-by-case on the number and size of projects.
Model Scope Duration Fees range Best for
RetainerMost popular ScopeFull-stack CFO bandwidth — project finance, RERA, collections, MIS Duration12+ months Fees range₹75k–2.5 L / month Best forDevelopers with active projects
Project-Linked ScopeFinance control for a specific project — funding, escrow, cost-to-complete DurationProject tenure Fees rangeScoped per project Best forA single launch or tower
Fundraise-Linked ScopeProject finance, LRD, construction loan, investor structuring Duration3–6 months Fees rangeRetainer + success fee Best forA construction or refinance raise
Indicative — scoped case-by-case based on the number and size of projects and cadence. Every model is led by a senior CA or ex-banker, with a support resource executing under partner oversight. For the full breakdown, see our full Virtual CFO service.
What we own month on month
The developer’s finance function, owned — not advised on
From the project report to the RERA escrow withdrawal, we run the finance function end to end so each project is funded, compliant and on-budget.
01
Project finance & construction loans
Project report, cash-flow and cost-to-complete model and lender file — then construction finance structured and negotiated. Syndicated via corporate finance.
02
RERA accounting & escrow
RERA-compliant project books, the 70% escrow discipline, withdrawal certification with architect/engineer/CA, and quarterly and annual RERA reporting.
03
Collections & receivables
Demand-linked collections tied to construction milestones, customer-receivables tracking and follow-up — so cash keeps pace with the build.
04
Project cash flow & cost-to-complete
Project-wise cash-flow forecasting and cost-to-complete against funding, so overruns and shortfalls surface early — not at handover.
05
LRD & capital release
Lease rental discounting on completed, rent-yielding assets and refinancing to unlock capital. See lease rental discounting.
06
MIS, GST & compliance
Project- and tower-level MIS, GST (incl. on under-construction), TDS and ROC on a managed calendar. We work on Tally, Farvision or our group’s TatvaBooks.
Why a vCFO earns its keep
The project-finance edge a generic vCFO can’t give a developer
Real estate finance is its own discipline — escrow, cost-to-complete, demand-linked collections and construction lending. A vCFO who has structured project debt is worth far more than one who hasn’t.
Lender relationships, carried in
Active bank and NBFC connects for construction finance, LRD and refinancing — so funding a project starts warm, not cold.
RERA-ready, always
Escrow discipline and project accounting kept compliant — so withdrawals clear and audits hold up.
Senior CA / ex-banker lead
No junior pass-through — partner-led, by people who read project finance the way your lender will.
Cost-to-complete visibility
Funding vs cost-to-complete tracked per project — so a shortfall is a financing decision, not a stalled site.
Flexible by project
Engage full-stack or project by project — scale up for a launch, step back between them.
Confidentiality first
NDA at kick-off; project books, land deals and lender files stay ring-fenced to the named engagement team.
Process
How an engagement runs — from scoping to monthly cadence
A clear path from first scoping call to a steady monthly cadence, with the named partner on the file at every stage.
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Scoping call
1 dayProjects, funding status and pain points — we map where project finance, RERA and collections stand today.
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Diligence
3–5 daysProject books, escrow accounts, sanction letters and collections review, with a baseline of finance-function maturity.
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Engagement design
2 daysScope, cadence, deliverables, fees and the lead partner confirmed — locked into a signed engagement letter.
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Kickoff & SOPs
week 1NDA, RERA accounting setup, collections SOPs and first-month deliverables — the engine starts turning.
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Monthly cadence
ongoingProject MIS, cost-to-complete reviews and lender management — the vCFO owns the numbers project by project.
Who we work with & what we need to start
Built for promoter-led developers
We work across residential, commercial and mixed-use developers — and we know exactly what we need to get project finance, RERA and cash under control.
Who we work with
CA / ex-banker–led, Mumbai & Pune-based, serving developers across Maharashtra and pan-India.
What we need to start — onboarding checklist
- Project-wise financials & current trial balance
- RERA registrations & escrow account details
- Sanction letters & construction-loan documents
- Sales, collections & receivables data
- Project budgets & cost-to-complete estimates
- KYC of company, promoters and directors
Indicative — varies by number of projects and scope. A mutual NDA is executed before diligence begins.
Why Finnova
Why developers choose Finnova as their Virtual CFO
Four reasons developers hand us the numbers — and keep us on file project after project.
01
Project finance, arranged
We don’t just account for projects — we structure and syndicate the construction finance, LRD and refinancing to fund them.
02
RERA discipline built in
Escrow and project accounting kept compliant — so withdrawals clear and the authority never holds you up.
03
Cost-to-complete control
Funding tracked against cost-to-complete per project — so a gap is managed early, not discovered at handover.
04
Track record
₹4,250 Cr+ mobilised and 100+ deals since 2011 — a finance partner with real lender reach in real estate.
Consultation
Tell us where the finance function stands
One conversation tells you the right engagement model, the cadence that fits your projects and how fast we can stand up RERA-compliant accounting and a fundable project file. No pitch — just a straight read from senior people who own numbers for a living.
Thank you — your enquiry has been submitted
We’ve received your details. A senior member of our team will review them and get back to you within one business day. Everything you’ve shared stays strictly confidential.
FAQ
Virtual CFO for real estate developers, answered
For a real estate developer, a virtual CFO owns project-level financial control — project finance and construction-loan management, RERA-compliant accounting and the 70% escrow discipline, collections and customer-receivables tracking, project cash-flow and cost-to-complete forecasting, and a project- and tower-level MIS — the finance leadership a developer needs without a full-time CFO.
A virtual CFO sets up RERA-compliant project accounting, including the 70% escrow account discipline, withdrawal certification with the architect/engineer/CA, project-wise books, and the quarterly and annual RERA reporting. This keeps each project audit-ready and avoids the penalties and delays that come from non-compliant accounts.
Yes. With an ex-banker background, we prepare the project report, cash-flow and cost-to-complete model, and lender file that banks and NBFCs require, then structure and negotiate construction finance, LRD on completed assets and refinancing. We syndicate the debt through our corporate finance desk.
Real estate engagements typically run ₹75,000 to ₹2.5 lakh per month depending on the number and size of projects, against ₹50 lakh to ₹1.5 crore a year for a full-time CFO. Project-linked and fundraise-linked structures are also available.
Every mandate is led by a senior CA or ex-banker — you deal with the named partner directly, not a rotating bench of junior staff. A second support resource handles execution under partner oversight.
Further reading
The virtual CFO question, explained in our Resources
What a virtual CFO is, what it costs, and how cash forecasting works. For the complete service, see our full Virtual CFO service.