The real estate regulatory landscape in Tamil Nadu, like in other Indian states, is governed by the Real Estate (Regulation and Development) Act, commonly known as RERA. RERA India in 2016 to bring transparency, accountability, and efficiency to the real estate sector. Here are the key aspects of Tamil Nadu’s real estate regulatory landscape under RERA:
RERA Registration:
Under RERA, all commercial and residential real estate projects with an area of 500 square meters or more, or eight apartments or more, are registered with the Tamil Nadu Real Estate Regulatory Authority.
Transparency and Accountability:
Developers provide detailed project information on the RERA website, including project plans, layouts, government approvals, land title status, and sub-contractors’ details. This transparency helps buyers make informed decisions.
Project Delays and Compensation:
RERA mandates that developers specify the project completion date in the agreement. If the developer fails to deliver the project on time, they are liable to compensate the buyers for the delay.
Advance Payment Protection:
RERA restricts builders from demanding more than 10% of the property’s cost as an advance payment before signing a sale agreement. This protects buyers from unfair financial burdens.
Quality of Construction:
Developers are accountable for the quality of construction. If any structural defects or poor workmanship are found within five years of possession, developers are obligated to fix these issues at no extra cost to the buyers.
Formation of Residents’ Association:
RERA ensures that developers facilitate the formation of residents’ associations within three months of the majority of units selling. This association is responsible for the maintenance and management of common areas and facilities.
Agent Registration:
Real estate agents involved in the sale/purchase of properties also need to register under RERA. This registration ensures that agents adhere to a certain code of conduct and provide accurate information to buyers.
Complaint Redressal:
RERA has provisions for filing complaints against developers or agents. The regulatory authority resolves disputes and ensures that appropriate actions are against defaulting parties.
Promotion of Sustainable Practices:
RERA encourages sustainable construction practices and eco-friendly technologies in real estate projects.
It’s important to note that the specifics of real estate regulations and their implementation might change over time. So it’s advisable to check the official website of the Tamil Nadu Real Estate Regulatory Authority or consult legal experts for the most current and detailed information regarding real estate regulations in the state.
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