he Real Estate (development and regulation) Act, 2016, will get implemented from 1 May. Out of the many other provisions of the Act, one of the main provisions requires developers to open an ‘escrow account’ for each project they undertake to develop.
Let’s know more about escrow accounts and how they will help homebuyers.
What is an Escrow Account?
In general, an escrow account is one where funds are deposited or accumulated for a specific purpose. Withdrawals from such account are restricted, so that funds can be withdrawn only to achieve that specific purpose.
