The recently cleared real estate regulatory act (RERA) will bring in transparency in real estate transactions, reducing the number of litigations in the sector, according to a survey-based report by FICCI and Grant Thornton. Respondents of the survey ‘Real Estate Regulation Act, 2016 (RERA) – Are we ready?’ also felt that the new act will improve the hold of governance on the sector which will push more foreign domestic investments into the sector in the short term. “This will also improve the ease of availability of financing options in the market. A major outcome of the survey is that industry feels that the rule of depositing 70% of sales proceeds in a separate account will help in getting timely delivery of the project and eliminate fly-by-night operators in the real estate,” the report said.
Read more: Economic Times
