How does RERA address buyers' concerns regarding off-plan properties?

RERA addresses buyers' concerns regarding off-plan properties primarily through the implementation of mandatory escrow accounts and the establishment of project completion timelines. These escrow accounts serve as a secure method for handling buyers' funds; developers are required to deposit the money from buyers into these accounts, which can only be accessed for specific project-related expenses. This mechanism ensures that the funds are protected and used appropriately, reducing the risk associated with off-plan property purchases.

Additionally, RERA mandates that developers provide clear timelines for project completion. This transparency helps build buyer confidence, as they have a better understanding of when they can expect to take possession of their properties. The combination of these measures aims to safeguard buyers’ interests while ensuring that developers deliver on their commitments efficiently and transparently.

The other choices, such as negotiating prices freely, facilitating direct communication, or offering financial incentives, do not specifically tackle the core concerns buyers have regarding the handling of their funds and the assurance of project completion. While these options may contribute to a positive buying experience, they do not provide the same level of financial security and accountability that is critical in the off-plan property market.