India, April 6 -- In response to complaints that real estate promoters were not depositing funds from allottees into designated accounts, UPRERA has made public the collection account details for 937 under-construction projects registered with the authority. This move aims to inform homebuyers about the funds collected by promoters for these projects and the amount available for construction.

UPRERA stated that it has observed instances where promoters have failed to deposit funds received from allottees into the designated collection accounts. Instead, these funds were transferred to other accounts, potentially misused rather than being allocated for project development.

The real estate regulatory body also said that legal action will ...