- Transparency:
- Mandatory registration and public disclosure of project/promoter details.
- Self-declared timelines for project completion.
- Standardization of terms like ‘carpet area’.
- Accountability:
- Promoters must park 70% of receivables in separate account, curbing diversion.
- Promoters cannot alter plans without allottee consent.
- Provides legal recourse for buyers against promoter failures.
- Imposes monetary penalties and imprisonment for defaults.
- Establishes RERAs and appellate tribunals for dispute resolution.
- The Act disrupts existing sector practices to raise efficiency.