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The Government of India introduced the Real Estate (Regulation and Development) Act in 2016 to bring greater organization to the real estate sector, ensuring that developers and agents are more accountable, transparent, and focused on consumer interests. The Tamil Nadu Real Estate Regulatory Authority (RERA) came into existence to implement the same provisions in the state. In the current situation when transactions are doing brisk business in Tamil Nadu, RERA Tamil Nadu plays a very significant role by protecting the interests of homebuyers and promoting ethical practices in real estate developments.
Tamil Nadu RERA serves the following purposes:
1. Openness: RERA Tamil Nadu maintains that all real estate activities are clear and accessible to the public.
2. Regulates builders and agents: Some rules bind the builders, developers, and real estate agents to observe specific moral standards.
3. Legal compliance: Property deals are made legally, and the interests of consumers are protected.
4. Dispute resolution: This gives an organised mechanism for settling disputes between buyers and developers.
5. Reliability and protection: It aims to secure and make the house-buying and investment processes in Tamil Nadu trustworthy.
The main functions of RERA Tamil Nadu are:
1. Project registration: RERA Tamil Nadu registers only projects that are compliant with all the regulation requirements while marketing or selling projects to consumers. Such projects would not be sold because some have not been legally approved.
2. Real estate agents: Tamil Nadu RERA has made the registration of real estate agents mandatory so that they maintain professional standards and ethics with consumer protection.
3. Dispute resolution: RERA Tamil Nadu is an intervening agent who helps resolve disputes between buyers and builders, acting promptly to redress grievances.
4. Ensure openness: The developers should share all the information relevant to project timelines, approvals, and other financial-related information that may be necessary for the transactions to be transparent.
RERA Act Tamil Nadu operates under the larger framework of the Real Estate (Regulation and Development) Act, 2016. Some specific rules and regulations in this regard refer to Tamil Nadu:
1. Project registration: All residential projects exceeding 500 square meters or containing more than eight apartments should be registered with Tamil Nadu RERA.
2. Mandatory disclosure of project requirements: Developers should disclose all essential project information, including timelines for construction, the financial status, and other requirements such as needed permits and clearances from the local authorities.
3. Completion and handover: Developers are expected to complete projects on time and hand over possession to the buyers as specified in the registered schedule or fail to comply with penalties within the deadlines.
RERA Tamil Nadu has set a structure for fees based on project size and registration category:
| Category | Description | Fees |
|---|---|---|
|
Project registration |
Residential projects up to 1000 sq. meters Residential projects exceeding 1000 sq. meters |
Rs. 10 per sq. meter Rs. 20 per sq. meter |
|
Real estate agents
|
Individual agent registration Corporate entity registration |
Rs. 25,000 Rs. 2,00,000 |
|
Commercial projects |
Charged based on project scale, similar to residential project fees | Follows per sq. meter rate |
|
Other fees |
Amendments in project details, extensions, filing complaints | Additional charges apply |
RERA Tamil Nadu brings several advantages to the real estate sector:
1. Greater transparency: Developers must disclose every detail about the project they sell so that homebuyers can make informed decisions, such as home loan rates.
2. Accountability: Developers would be held liable for meeting deadlines and maintaining the quality of construction, thus saving buyers from delay and low-quality construction.
3. Easy resolution of dispute: Tamil Nadu RERA has quickened the process of resolving disputes between consumers and builders.
4. Promotes ethical practices: RERA Tamil Nadu registers only qualified professionals in the industry through agents' and developers' real estate registration.
5. Consumer protection: Buyers will be able to complain directly to RERA Tamil Nadu regarding discrepancies, delays, or breach of contract so that one can only fully protect one's interests.
To be eligible to register with RERA Tamil Nadu, developers and agents must meet specific criteria:
1. For promoters (Developers):
a. The developer must hold legal rights to the land or property where the project is being built.
b. Developers must submit necessary project approvals, building plans, and project details to Tamil Nadu RERA.
2. For real estate agents:
a. Real estate agents must have valid proof of identity, address, professional qualifications, and work experience in real estate transactions.
Developers must submit the following documents for project registration:
1. Project plans: Detailed architectural plans and approvals from the local authority.
2. Title deeds: Proof of land ownership or legal rights to the property.
3. Sanctioned building permits: Documents showing authorisation for construction.
4. Completion timelines: A clear timeline for project completion and possession dates.
Real estate agents must provide the following documents for registration:
1. Proof of identity: Aadhar card, passport, or PAN card.
2. Proof of address: Utility bills or government-issued address proof.
3. Professional qualifications: Training certificates or work experience in the real estate sector.
To register as a promoter with RERA Tamil Nadu, follow these steps:
1. Visit the official Tamil Nadu RERA website and go to the project registration portal
2. Fill out the online form and then click submit.
3. Upload mandatory documents like title deeds, building plans, and sanctioning approvals.
4. Pay the registration fee calculated on the overall area of the project.
5. Once submitted, the authority analyses and scrutinises the application.
6. If the application gets approved, Tamil Nadu RERA will issue registration certificates to developers.
To register as a real estate agent with Tamil Nadu RERA, follow these steps:
1. Visit the official Tamil Nadu RERA website and go to the agent registration page.
2. Fill out the registration form. Include your qualifications and work experience.
3. Attach supporting documents such as identity proof, address proof, and professional qualifications.
4. Pay the necessary registration fees according to individual or corporate registration.
5. Once processed, you will be given a registration certificate.
Whether you are a developer or a homebuyer, understanding the RERA registration Tamil Nadu process, fees, and the features of RERA Tamil Nadu is crucial for efficient and safe real estate transactions.
Tata Capital provide various financial services, including home loans, to make the buying process smoother and more accessible for those looking to invest in real estate or finance property purchases.
Visit the Tata Capital website and download the app for more information.
RERA Tamil Nadu-registered project cannot be marketed and sold legally and may attract a penalty upon the developer.
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