Currently, the real estate properties sector is the second largest employment generator in the country and accounts for five per cent of India's Gross Domestic Product (GDP). Keeping this is mind, the government has come up with new policies like RERA Act, which will help to provide transparency and help builders in the completion of stalled projects. The act makes it mandatory for the builders to park 70 per cent of the funds collected for a project in dedicated escrow accounts, and funds cannot be diverted to any other project. It becomes mandatory for developers to post all information related to project plan, government approvals, land title status, layout including other documents for the use of consumers.
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