The Minister of State for Housing & Urban Affairs vide press release dated 16 March, 2023 has clarified that the Real Estate Regulatory Authority has mandated 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, it is also clarified that 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.
