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From May 2017, the Real Estate Act has come into effect. The act mandates depositing how much of the funds collected from buyers?

  1. A
    50%
  2. B
    40%
  3. C
    70%
  4. D
    80%

Solution & Step-by-step Explanation

Under the Real Estate (Regulation and Development) Act (RERA), promoters and developers are required to deposit 70% of the project funds realized from allottees/buyers into a separate dedicated escrow account maintained in a scheduled bank to cover the cost of construction and land.

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From May 2017, the Real Estate Act has come into effect. The act mandates depositing how much of the funds collected from buyers?
A
50%
B
40%
C
70%
D
80%

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Government ActsReal Estate RegulationsRERA

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