It’s been two years since the government notified the Real Estate (Regulation and Development) Act or RERA. Over the last two years, RERA has witnessed good participation from major Indian states. According to the latest data, 30 states and Union Territories have already notified their RERA rules, out of which 23 states have active online portals.
While Maharashtra is still leading the show, it is interesting to see other states catching the pace. In this post, we will focus on Tamil Nadu. Interestingly, about 150 real estate agents and 37 housing projects registered with the Tamil Nadu Real Estate Authority (TNRERA) in the first four months of 2019. This is a significant improvement when compared to the last two years.
“The Real Estate Regulation and Development Act (RERA) has begun to play a key role in ensuring complete transparency coupled with a consolidation of the industry. Customer Centricity is now imperative. The Act has helped developers to focus on timely delivery of projects, transparency in all dealings and secure funding practices. As a result, homebuyers in Chennai have regained interest in the realty market.”
Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure Limited and Tata Housing Development Company.
The ground reality
The Tamil Nadu authority has approved as many as 980 real estate projects across the state. The website also states that 20 project applications have been rejected.
So, if you have decided to take the plunge in the property market, make sure to check if the project is RERA-approved to avoid any problems in the future.
Find here a list of RERA-approved projects.
As far as agents are concerned, about 570 agents are now registered with the authority. You can also find a list of RERA-approved agents here.
For a list of all rejected projects, click here.
So far, about 225 complaints have been resolved by the authority.
How can I see upcoming new projects in Chennai?
You can check all the new projects here: https://roofandfloor.thehindu.com/chennai