Positive Impact of RERA on the Real Estate MarketPosted by Abhishek Raj on June 28th, 2017 RERA stands for Real Estate Regularity Authority. As till now real estate is the most unmanaged market in India & There is no administrative body under which the real estate can work legally. So government has taken the decision to form & implement RERA in the current year due to the significant increase in complaints against the builders & channel partners referring to their false promises of delivery time & quality of the projects & also focuses on to safe guard the interest of the public who are looking to live their whole life there. With RERA coming around there are going to be more positive effects takes place like most builders are not launching new projects in the market, they are more into completing their running projects so that they will not come under RERA.
So RERA will have the following positive impacts on real estate market are: All builders have to maintain an escrow account for the every single project they are running & the cheque they will collect also in the name of escrow account & not in the name of company since till now builders simultaneously running multiple projects at a time & takes cheque in the company name for one project & use that money in other projects. So now they will not be able to do these things.
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