New recommendations on the Real Estate Regulatory Bill were made by the ministry and sent to PMO for approval, and the cabinet has now approved it. Next, it will be tabled in the Parliament for passing the bill and making it an Act. In essence, reduction of minimum balance to be maintained in the escrow account of a project has been reduced from 70% to 50%. This amount from the monies collected from the buyers must be placed in an escrow account within 15 days.

Track2Realty-Agencies: The Supreme Court has directed the Centre to ensure that all real estate projects launched in the country prominently display the earthquake-resistant category in which they fall and also explain the connotations of the category as defined by the government.