Important Facts About Tamil Nadu Real Estate Regulatory Authority.

Important Facts About Tamil Nadu Real Estate Regulatory Authority.

Tamil Nadu Real Estate

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) is a regulatory body established to regulate and promote the real estate sector in the state of Tamil Nadu, India. Here are some important facts about the Tamil Nadu Real Estate Regulatory Authority (TNRERA):

Important facts:

Formation and Purpose:

TNRERA was formed under the Real Estate (Regulation and Development) Act, 2016 (RERA). The primary purpose is to promote transparency, accountability, and efficiency in the real estate sector.

Regulatory Jurisdiction:

TNRERA has jurisdiction over the entire state of Tamil Nadu, including both residential and commercial real estate projects.

Registration of Projects and Agents:

Real estate developers are required to register their projects with TNRERA before advertising or selling. Real estate agents must also register themselves.

Transparency and Accountability:

TNRERA aims to bring transparency and accountability into the real estate sector by ensuring that developers adhere to the prescribed timelines, provide accurate project details, and fulfill commitments made to buyers.

Online Complaint Filing:

Homebuyers can file complaints against developers or agents through an online portal provided by TNRERA. This process enhances accessibility and efficiency in dispute resolution.

Key Facts:

Regulatory Compliance:

TNRERA ensures that real estate developers comply with the rules and regulations set forth in the RERA Act. Non-compliance can lead to penalties and other legal consequences.

Adjudication of Disputes:

TNRERA has the authority to adjudicate disputes between developers and homebuyers. It provides a mechanism for the speedy resolution of conflicts.

Consumer Awareness:

TNRERA works towards creating awareness among consumers about their rights and responsibilities. It educates buyers about the importance of investing in RERA-registered projects.

Promotion of Fair Practices:

TNRERA promotes fair practices in the real estate sector by discouraging unfair trade practices and ensuring that developers maintain ethical standards.

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