What Is RERA?

RERA, an acronym for the Real Estate Regulatory Authority, is a groundbreaking, comprehensive legislation enacted in May 2016 to transform the way property is bought and sold in India. At its core, RERA was established to bring forth transparency, accountability, and fairness into the real estate sector. The Act was also enacted with the aim of ensuring that developers adhere to project timelines and deliver on their promises to buyers. As mandated by the Government of India, every Indian state is required to have its own RERA authority to manage and oversee the real estate sector under its jurisdiction. Additionally, RERA also mandates that builders from each Indian state and union territory deposit 70% of the funds that are realised for a particular project into an escrow account, which helps effectively safeguard buyers from builder insolvency and bankruptcy.

Since its enactment, the RERA Act has managed to transform the real estate sector into an organised, buyer-centric, and transparent domain, successfully fostering trust and accountability in the ever-booming sector.

What You Need to Know about TNRERA

RERA in Tamil Nadu has been established to protect the rights of both buyers and sellers, for which the rules and regulations in the state have been divided into nine and twenty chapters. The chapters mandate several duties under the act, including:

• Verifying the documents submitted by builders for registering a property under TNRERA.
• Accepting disclosures made by promoters concerning existing projects.
• Approving or rejecting RERA registration applications in Tamil Nadu on the basis of the terms and conditions mentioned under the act.
• Renewal of registration for agents and their applications.
• Undertaking complaint redressal in a systematic manner.

Registering any real estate project or property under TNRERA is mandatory for all commercial and residential real estate projects if the land area exceeds the limits set under the RERA Act, which is 500 square metres. If a project has eight or more under-construction apartments, then also the builder is mandatorily required to register under TNRERA.

Tamil Nadu RERA Registration Process

Like every other state, Tamil Nadu has its own RERA website to facilitate smooth transactions between buyers and sellers, and dispute resolutions under the strict guidelines outlined in the RERA act. The Tamil Nadu RERA authority has jurisdiction over Tamil Nadu and the Andaman and Nicobar Islands. To register a project under TNRERA, the following steps can be followed:

• Visit the official TNRERA website to begin the application process.
• Navigate to the online registration section on the webpage.
• The online registration section has separate links for layouts and agents. Then, choose whether the application is for a firm or an individual.
• Alternatively, you can navigate to the registration tab, where you can select from the drop-down menu if the registration is as an agent or for a project. For assignment purposes, choose Tamil Nadu or Andaman for where the project is located.
• Agents should go to registrations, select ‘Agents’, and then ‘Apply Online’.
• This should open up a login window, where you need to click on New Registration, under the login section.
• Fill in all the mandatory fields, including your name, company registration number, PAN number, etc.
• Upload all the documents required under RERA in Tamil Nadu.
• Pay the fees applicable, which vary depending on the type of project being registered.
• Confirm that all the information entered and that the documents you have provided are correct.
• Click on the Submit button to submit your RERA registration form.

Documents Required for TNRERA Registration

In the application process for RERA, it is mandatory for RERA applicants to submit some essential documents:

• The developer or builder’s PAN card.
• The previous year’s audited financial statements of the builder.
• The ownership deed and legal title.
• Supporting documents to validate the legal title.
• All necessary documents related to the project and its development.
• Landlord’s agreement.
• Development agreement.
• No objection certificate and development plan for the project.
• Details about existing projects and their statuses, if any.
• Filed income tax returns for the previous three years.

Additionally, developers are also required to provide all the relevant details of the project, including plans related to parking spaces, plumbing, electrical wiring, and structural stability, to name a few.

Services Under RERA in Tamil Nadu

The Tamil Nadu RERA authority offers a host of services for homebuyers, promoters, and real estate agents. The services include:

For Homebuyers

• Buyers can lodge complaints with ease in cases where the developer has been found guilty of non-compliance to any provision mentioned under the RERA Act.
• Buyers can explore a list of all the projects in Tamil Nadu that have been registered with RERA.

For Promoters

• Convenient process for filing complaints against property developers.
• Simple online process to register real estate projects under TNRERA.
• Promoters are also allowed to file project extensions on the TNRERA portal if the need arises.
• Promoters are required to update information periodically, every quarter, to ensure authenticity.

For Real Estate Agents

• Real estate agents can file complaints against property developers online.
• Agents can also renew their registration through the official TNRERA website.

To summarise, the enactment of the RERA Act has ushered in transparency, accountability, and fairness that benefits all stakeholders in the real estate domain. This has resulted in an increasing number of investments being made in the growing residential real estate market of Chennai. If you seek to invest in land for sale in Madhavaram, Thirumazhisai, Ashok Brindavanam, or any other prominent residential locality in Chennai, always ensure that you are mindful and invest only in RERA-registered projects or property.