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RERA Impact Positive on Industry: CRISIL Report
July 13, 2018
A survey by analytics company CRISIL shows that the introduction of the Real Estate Regulatory Authority (RERA) has improved the real estate sector both financially and legally. Builders are now taking up and executing projects carefully and have rounded up dedicated staff to comply with the RERA regulations. They have also increased the transparency for their customers through their websites and brochures.
RERA has made a number of real estate norms more stringent. For instance, concept selling based on idle funds isn’t possible now, and 70% of customer advances in an escrow account are to be arranged mandatorily, etc.
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