RERA Act Role: Protecting Homebuyers from Real Estate Scams

The RERA Act plays a crucial role in safeguarding homebuyers from real estate scams by instituting stringent regulations and oversight mechanisms. Through mandatory project registration, developers are held accountable for providing accurate information regarding project details and timelines.

Additionally, the Act mandates the deposit of funds in escrow accounts, ensuring financial transparency and preventing misuse of funds. By imposing penalties for project delays and mandating disclosure of project-related information, RERA fosters transparency and accountability, effectively protecting homebuyers from falling victim to fraudulent practices in the real estate market.