With RERA coming into effect, builders and developers have to be more transparent. Here are the ways in which RERA impacts real estate.

• All proposed projects exceeding an area of 500 sq. mt. or more than 8 apartments must be registered with the respective state RERA.
• It is mandatory for builders to deposit 70% of the project money collected from homebuyers in bank accounts through cheque. This means builders can no longer engage in fraudulent transactions or money laundering. Every rupee spent and gained has to be accounted for.
• There will be one model sale agreement between all builders and homebuyers.

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