Government through The Ministry of Housing and Urban Affairs has enacted The Real Estate (Regulation and Development) Act, 2016 (RERA) to safeguard the interest of homebuyers/ individuals and also to ensure transparency and accountability in the Real Estate Sector.
RERA mandates for compulsory deposit of seventy percent of amount realized from allottees in a separate bank account to cover the cost of construction and land cost of real estate project.
Moreover, RERA also has an inbuilt fast track dispute resolution mechanism to redress the grievances of the consumers wherein the complaints are to be disposed within the prescribed timeframe by the Adjudication Officer, Real Estate Regulatory Authority and Real Estate Appellate Tribunal.
This information was given by the Minister of State for Housing & Urban Affairs, Shri Kaushal Kishore
