RERA Tamilnadu Rules and Regulations
The Tamilnadu Real Estate Regulatory Authority which is also called as TNRERA came into being on 22.06.2017. The main objective of this provision is to ensure transparency and efficiency in the real estate transaction. The Tamilnadu Real Estate Authority also has jurisdiction to hear any dispute that arises between the parties in both Tamilnadu and Andaman and Nicobar Islands. The RERA Tamilnadu authority also deals with the registration process of projects, agents, builders, etc. in Tamilnadu. It also lists various documents required for the registration process and also the fee attached to it. TNRERA also carries out the consumer complaint redressal process in cases of any undue delay in delivering the project or in case of misrepresentation or any fraudulent activities.
Impact of TNRERA
RERA aims to bring transparency and accountability in real estate transactions and ensure timely delivery of the projects. The Act also enables the homebuyer to get their sum refunded in cases of delay. It helps in increasing the confidence of the consumers. Thus, real estate experts have stated that Tamilnadu Real Estate Regulatory Rules’ introduction has been beneficial in increasing the demand in the market.
TNRERA Registered Projects
As already stated, the property which exceeds five hundred square meters or projects involving more than eight apartments are to be registered with TNRERA mandatorily. The Act also provides that, in case the projects is outside the Chennai Metropolitan Area. The promoter is required to intimate details regarding the structural completion to the local planning authorities within 15 days from the date of notification of the rules. A copy should also be made to the Director of Town and Country Planning office to exclude the project from the ambit of RERA registration.
In furtherance of its ‘housing for all’ vision, the government has exempted projects under Tamilnadu Slum Clearance Board and affordable housing projects of the Tamil Nadu Housing Board and housing, from the registration fee. On the failure to comply with the Act’s provisions, both promoter and the buyer can be made liable to pay an equal rate of interest.
You can check the registration of projects in the following manner:
- Open the TNRERA official website
- The next step is to select the ‘registration’ tab to search for projects
- Select the registered projects tab.
- By doing so, a new portal shall open up showing the information of all projects registered between 2017-present in both Tamilnadu and Andaman and Nicobar Islands (based on your choice of location).
You can also check the agent’s registration by visiting TNRERA website and clicking on the registration tab and selecting agents from the dropbox. The details of the registered agent have been recorded year wise.
Tamilnadu Real Estate Regulatory Authority
Real Estate (Regulation and Development) Act, 2016 provides a state-level regulatory authority established to monitor the real estate transactions and adjudicate any dispute that arose from the transaction. The main objective of establishing TNRERA is to protect the buyers’ interest and the investments made by them in the real estate sector. The Act also provides for the establishment of Appellate Tribunal for adjudication and for framing Rules under the Act.
The Act also mandates real estate projects, property dealers, brokers, mediators, and agents. The provisions state that no person shall carry out sales activities without registration. This rule applies to properties with an area which exceeds five hundred square meters. The rule is also applicable in case projects involving more than eight apartments as well. The project’s promoter is required by the law to submit all the necessary documents showing the details of the project so proposed through their online portal.
The law mandates the developers and promoters to get their project approvals before the registration. The Act also holds promoters liable for three years imprisonment or compensation up to 10% of the project cost in case of default or violation in the land title, scheduled completion, and project maintenance.
Functions of RERA Tamilnadu
Various functions of TNRERA are:
- To promote the rights of homebuyers and the developers
- Create transparency and accountability in the real estate sector of the state.
- Offer speedy redressal for the concerns raised.
- Create a favourable environment to facilitate investments in the real estate sector.
- To ensure that the project execution takes place promptly.
- It also aims to standardize the development and construction processes in the real estate sector.
While making investments in the real estate sector, it is essential to be cautious and carry out a thorough check-up as it is a long term financial commitment. RERA was enacted to protect the buyers from any form of fraudulent activities and bring in transparency in the transaction. Thus it is essential to cross-check if the agent and the project is registered under RERA to avoid any mishap in the future. Assetmonk is an ideal real estate partner for RERA approved services and properties.
Assetmonk is a smart investment platform that offers customized assets to meet different investors’ needs. Some of the RERA approved projects of Assetmonk in Chennai includes Sparkle towers and Panama Blue towers located in Kelambakkam. Assetmonk also has projects in PBEL City, which is close to the IT corridor. The objective-oriented products of Assetmonk are designed to cover a large spectrum of investors with different objectives such as value appreciation, regular income, or diversification of risk.
RERA Tamilnadu FAQ's:
The Real Estate Regulatory Act mandates the registration of all commercial and residential projects having a land area over 500 sq. meter or eight apartments. The builders, agents and other middlemen are also required to get themselves registered. The registration process should be carried out with the Real Estate Regulatory Authority and on the failure to do so penalty shall be imposed according to the provisions of the Act.
The project registration can be verified through TNRERA online portal by clicking on the registration tab. The procedure has been listed above.
By purchasing a property registered under RERA, the homebuyer brings responsibility on the builder to ensure completion of the project within the stipulated time period. Opting for a RERA registered property can also help the buyer to secure and protect its rights in case of any default on the part of builders. Purchase of projects which are not completed and not registered under RERA, can be illegal as well.