MahaRERA has proposed a breakthrough rule to increase openness and accountability in real estate developments. For compliance and efficient money utilisation, this proposal requires projects to maintain three bank accounts in the same bank.

A new MahaRERA initiative protects homebuyers in an unprecedented step. It requires housing project developers to have three accounts in one scheduled bank to promote discipline, efficiency, transparency, accountability, and equality in financial activities.

Dedicated Monitoring Unit RequestThe Ministry of Housing should create a body to manage all state Real Estate Regulatory Authorities, according to a national homebuyers association. This suggestion was presented at a meeting with the Ministry of Housing and Urban Affairs.

MahaRERA recovered over Rs 140 crore this year from developers who delayed flat deliveries, distressing homeowners. This is one of India's greatest real estate regulator recoveries. MahaRERA has filed 1,123 warrants this year to collect about Rs 764 crore from developers, threatening to freeze bank

Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep would all benefit from the accountability and transparency made possible by these tenancy legislation.

The recently introduced Real Estate Regulatory Act or RERA has a mandate to bring about the much-needed transparency and accountability in India’s massive realty domain. The added transparency is also expected to boost the real estate industry’s stock