Today, let’s talk about the RERA registration process in Tamil Nadu. RERA, which stands for Real Estate Regulatory Authority, is a government initiative aimed at regulating and promoting the real estate sector in India. The main objective of RERA is to protect buyers and ensure fair practices between buyers and promoters of real estate projects. The Tamil Nadu government has approved the Tamil Nadu Real Estate (Regulation & Development) Rules, 2017, which make it mandatory for all real estate projects and agents to be registered with RERA. This registration process helps ensure transparency and accountability in the real estate sector, and it is important for both buyers and sellers to understand the RERA regulations in order to make informed decisions.
RERA Registration Process in Tamil Nadu
Overview of RERA in Tamil Nadu
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, aims to regulate and promote the real estate sector in Tamil Nadu by regulating the transactions between buyers and promoters of residential and commercial projects. It also establishes a regulatory authority at the state level, known as the Tamil Nadu Real Estate Regulatory Authority (TNRERA).
Promoter Registration
Promoter registration is mandatory under RERA for all real estate projects in Tamil Nadu. The process involves submitting project details and essential documents to TNRERA, which reviews and approves the application before issuing a registration certificate to the promoter.
Project Registration
All real estate projects in Tamil Nadu need to be registered with TNRERA to ensure transparency and protect the interests of buyers. Project registration requires the submission of project details, including the layout plan, schedule of implementation, financial details, and other relevant documents. TNRERA verifies these details and issues a registration certificate upon approval.
Agent Registration
Under RERA, both individual agents and agents representing firms need to register with TNRERA. The registration process includes submitting necessary documents, such as identity proof, address proof, and registration fees. Once the documents are verified, TNRERA issues a registration certificate to the agent.
Documents Required for Registration
Promoter registration requires documents such as the title deed, land documents, layout plan, financial statements, and details of encumbrances. Project registration requires documents such as the approved plan, commencement certificate, bank details, and legal agreements. Agent registration requires identity proof, address proof, and registration fees.
Online Registration Process
The online registration process simplifies and streamlines the RERA registration process in Tamil Nadu. Promoters, projects, and agents can create accounts on the TNRERA website, enter project or agent details, upload the required documents, pay the registration fees, and submit the application. After submission, TNRERA verifies the information and issues the registration certificate.
Payment of Registration Fees
The registration fees for RERA in Tamil Nadu vary based on the type and size of the project or agent. The fees can be paid online through various modes such as net banking, credit card, debit card, or through authorized banks. The payment process is simple and secure, ensuring a hassle-free transaction.
RERA Certified Projects
RERA certification provides several benefits to both buyers and promoters. Buyers can trust that certified projects are compliant with RERA regulations, ensuring transparency and accountability. Promoters of certified projects can attract more buyers due to the increased trust and credibility associated with RERA certification. Buyers can check the registered projects on the TNRERA website and verify the RERA registration status before making a purchase.
Advertising Regulations
RERA has specific regulations regarding advertising by promoters. Promoters can only advertise their projects after registering them with TNRERA and obtaining the registration number. The advertisements should contain the registration number and other relevant details as stipulated by RERA. This ensures that buyers have accurate and reliable information when making decisions about purchasing a property.
Complaint Filing Process
RERA provides a streamlined process for filing complaints against promoters or agents. Buyers can file complaints online on the TNRERA website by filling out the prescribed form and paying the required fees. TNRERA investigates the complaint and takes appropriate action to resolve the dispute and provide relief to the aggrieved party.
Validity of RERA Registration
The registration under RERA is valid until the completion of the project. Promoters are required to provide necessary updates and modifications to TNRERA throughout the development of the project. Once the project is completed, a completion certificate can be obtained, signifying the fulfillment of all obligations under RERA.
RERA Applicability in Tamil Nadu
RERA is applicable to all real estate projects in Tamil Nadu where the area of land exceeds five hundred square meters or the number of apartments proposed to be developed exceed eight inclusive of all phases. The Act covers both residential and commercial projects and applies to both ongoing and future projects.
Conclusion
RERA registration is essential for both buyers and promoters in Tamil Nadu. It ensures transparency, accountability, and fair practices in the real estate sector. By regulating transactions and enforcing guidelines, TNRERA plays a crucial role in protecting the interests of buyers and promoting the growth of the real estate sector. It is important for all stakeholders to understand and comply with the RERA registration process to foster a healthy and sustainable real estate market in Tamil Nadu.