RERA Tamil Nadu

The government of India, to protect the investors from real estate from fraud, delayed project completion, etc., established RERA (Real Estate Regulatory Authority). With the regulations that this act brought to the industry, it boosted real estate market, as it was safer for homebuyers. RERA Tamil nadu was established in March 2016 to exercise its powers to bettering the real estate sector in Tamil Nadu. RERA requires all developers or builders to fill in all the details of their project in the official RERA website in order to promote transparency. In case of any mismatch in the details, a homebuyer may go back to RERA and file a complaint and is entitled to get a reimbursement on the investment.

Registration Fee under RERA Tamil Nadu (For Building)

The registration fee under RERA Tamil Nadu for buildings can be summed up as follows:

Documents Checklist for registration under RERA Tamil Nadu

The documents required for registration under the RERA Tamil Nadu can be summed up as follows:

1) Form ‘A’

2) Information required in case of Individual:

• Name of the applicant
• Occupation
• Permanent address
• Contact number and email ID
• Photograph of the applicant

3) Information required in case of Firm:

• Name of the firm
• Address of the firm
• Contact number and email ID of the firm
• Copy of Registration Certificate of the firm
• Name, Photographs, and Address of the Directors, Partners, or Chairman of the Governing Body

4) Copy of PAN Card

5) Details of the Land Owner (in the case of Joint Venture):

1. Name
2. Father’s Name
3. Occupation
4. Contact number and email ID
5. Photograph

6) Copy of Patta and Sale Deed or PLR

7) Copy of EC

8) Form ‘B’ in a Rs.20 stamp paper duly signed by the promoter

9) Original certificate from the bank in the prescribed format

10) Audited Balance Sheet of the promoter for the precious financial year

Tamil Nadu Registered Projects Under RERA

FAQs

1. What is the objective of RERA?

   The real estate industry, although growing rapidly over the last few years, has not been regulated. This has caused a lot of risk for homebuyers and investors in the real estate industry. Since there were no regulations to protect the customer, the growth in this market has stagnated. RERA hopes to bring about growth in the realty market.

2. What are the main objectives of the act?

   The main objectives of RERA are as follows:

   1. To ensure accountability amongst builders and developers
   2. To ensure fair play, transparency and minimise frauds
   3. To introduce a standardised procedure and to bring about professionalism
   4. To enforce responsibility on builders and promoters
   5. To establish an authority that overlooks contracts, etc.
   6. To establish an authority that can plea against fraud, etc.
   7. To help resolve issues quickly and effortlessly
3. Is open parking areas included as a part of common area?

   Parking areas are a part of common areas as per Section 2 (n). This section defines common areas as all ‘community and commercial facilities’.

4. Does the act protect both residential and commercial projects?

   The act covers all building as per Section 2 (e). As per Section 2(j), a building is defined with the inclusion of both commercial and residential property.

5. Do all projects have to be registered with RERA?

   Any project with a ‘planning area’, as defined in Section 2 (zh) will require to be registered with RERA.

6. Can a builder/developer advertise the project before registering with RERA?

   A project can be advertised only after it has been registered with the authority.

7. Can a project be revoked from registration?

   The real estate regulatory authority has the power to revoke a registration as per Section 7.

8. How long is the builder liable for defects on the structure?

   The builder or developer will be liable for 5 years for any defects on the structure.