Table of Contents
RERA Act in Tamil Nadu
The Real Estate Regulatory Authority, or RERA, is an abbreviation for a comprehensive and ground-breaking law that was implemented in May 2016 with the goal of revolutionizing the Indian real estate market. Fundamentally, the purpose of RERA Tamil Nadu was to instill fairness, accountability, and openness in the real estate industry.
The Act was also passed to make sure developers fulfill their commitments to consumers and respect project deadlines. Every Indian state must have its own RERA body in order to regulate and control the real estate industry that falls under its purview, per a directive from the Indian government.
Furthermore, as part of RERA, builders from every Indian state and union territory are required to place 70% of the proceeds from a given project into an escrow account. This effectively protects buyers against the insolvency and bankruptcy of builders.
Since its passage, the RERA Act has effectively promoted confidence and accountability in the continually expanding real estate industry by organizing the industry and making it more transparent, buyer-centric, and organized.
RERA Tamil Nadu Functions
As required by the TNRera Act, numerous clauses are broken down into nine and twenty chapters, respectively. Among the essential tasks required here are:
- Checking the documentation requirements that builders must meet in order to register under the Tamil Nadu RERA
- Acknowledging promotional statements about ongoing projects
- Deciding whether to accept or reject applications for RERA Registration using preset standards
- Monitoring and updating agent licenses
- Handling complaint resolution in a systematic way
RERA Tamil Nadu Approval Benefits for Home Buyers
The RERA Act Tamil Nadu protects the homebuyers looking to buy properties like apartments or villas in Chennai or other cities in Tamil Nadu by offering them the power to make informed decisions.
- Buyers will have access to comprehensive information on a public domain through the mandatory registration of projects, developers, promoters, and agents with the real estate regulatory authorities.
- The market will become more organized as a result of easy access to information, which will boost demand for villas or apartments in Chennai or other cities by reputable developers and drive out unreliable builders.
- If developers miss deadlines, they will be heavily penalized. The right of buyers to know the project’s building timeline, broken down by phase, as well as the state of the power, water, and sanitation systems, will be granted.
- Homebuyers are entitled under the Act to possession of the property as well as completed common facilities including internal roads, parks, and clubs.
Steps to Check RERA Project Status Online
Step 1: Go to the ‘Registration’ tab on the Tamil Nadu RERA website.
Step 2: Then select the “Registered Projects- Tamil Nadu” option after choosing the “Projects” option.
Step 3: Select the “Building” choice from the three available options. A new page featuring a compiled list of the years from 2017 to 2024 will be displayed to you.
Step 4: Select a desired year, and the list of projects that have been registered for that year will appear below.
Step 5: By adding project specifics to the search bar, such as the name or registration number, you can further narrow down your search.
Filing Complaints Online on RERA Tamil Nadu for Homebuyers
- Go to the Tamil Nadu RERA official website and click on the “Downloads” option located in the “Downloads & Links” part of the top banner.
- Click “Complaint Registration” after that. Form L, Form M, and Form N are the three options that will now be shown to you.
- Form L is a “Appeal to Tribunal” form, which directs the Tamil Nadu Real Estate Appellate Tribunal (TNREAT) to receive the case. This legislative body handles appeals that result from TNRERA rulings, guidelines, or orders.
- Complaint Form M, which stands for “Before the Authority,” comes next. This form handles grievances pertaining to project flaws.
- Complaint Form N, or “Before the Adjudicating Officer,” is the last form. This form addresses complaints about compensation.
- Select the appropriate Form from the list that drops down. It is noteworthy that complaints regarding the RERA Authority may be submitted online using Form ‘M’. Form “N” must be submitted offline in order to file a complaint with the adjudicating body.
- Provide accurate details about the problem you are having when completing the form. Upload any pertinent supporting documentation for your complaint—such as the agreement, payment receipts, and correspondence with the developer—when use Form M.
- Pay the required one-time fee (varies between Rs 600- Rs 1,000) online to process the complaint and click on the submit option. Save the reference number for future use and wait for TNRERA to contact you.
- As an alternative, you can download Form N, fill it out, and submit three copies of it, the necessary paperwork, and a Rs 5,000 charge to the adjudicating body. The website also allows viewers to view the Complaint Order, Cause List, and Cause Diary online.
Frequently Asked Questions
1. How effective does RERA Tamil Nadu handle complaints?
According to the RERA criteria, a complaint must be resolved within 60 days of the complainant filing it with the RERA authorities. One important tool for promptly and efficiently handling concerns from property buyers is the RERA conciliation forum. This lowers the cost and duration of legal conflicts.
2. Is RERA approval mandatory for residential projects in Tamil Nadu?
Yes, RERA approval is mandatory for all the residential projects in Tamil Nadu. It is essential to note that no project can be sold without RERA approval.
3. What are the consequences homebuyers face if RERA approval is rejected?
If the RERA approval for a project is rejected buyers who have already made purchase will face disadvantages like lack of regulatory control, deduction in property value, ambiguity, financial challenges with home loans, and delayed possession.
4. Is it mandatory to buy RERA approved projects in Tamil Nadu?
Yes, it is mandatory and highly advisable to buy RERA approved projects in Tamil Nadu as it ensures smooth and secure purchase. In addition to this, it also helps buyers make informed decision.