“From a shopper standpoint, this is a sophisticated, opaque market,” mentioned Steve Brobeck, a senior fellow at the Consumer Federation of America who has written extensively about the real estate industry. After the settlement, the market “will turn out to be rather less opaque”. If the settlement is accredited by a decide, the rule change will start in mid-July, leaving the true estate trade scrambling over what the means ahead for shopping for or selling a house will look like.
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The Maharashtra Real Estate Regulatory Authority has made it compulsory for real estate builders to incorporate their checking account details in restoration warrants sent to the revenue department. This transfer aims to streamline the compensation restoration course of for homebuyers facing delays or discrepancies in property transactions. By disclosing builders’ bank account data, MahaRERA goals to reinforce accountability and guarantee well timed compensation for affected parties.