There is fear among the independent directors of real estate firms, because under RERA independent directors can be held accountable in case a company fails to comply with the new regulations of RERA. The Indian real estate sector has a long history of delayed projects, poor quality and illegal construction. And India has a history that 30% of the projects get delayed. RERA with its new regulations is going to be very tough and developers will have to be equally tough and disciplined.
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