KNOW ABOUT RERA

What is RERA?

The Real Estate Regulatory Authority (RERA) Act has been implemented to protect the interests of home buyers. As per RERA rules, real estate projects and developers or agents across the country have to register with RERA on the official RERA website for their state. In case of discrepancy in details, home buyers can reach out to RERA for dispute redressal and reimbursement.

Know about RERA Act in Tamil Nadu (TNRERA)

As per the RERA Act, each state of India must have its own Real Estate Regulatory Authority. The state RERA regulates the real estate sector within state limits. The Tamil Nadu RERA Act was passed in March 2016 as a part of this plan. TNRERA carries out all the activities specified under the parent act and regulates every segment of the real estate sector in Tamil Nadu.

Functions of TNRERA

In line with RERA's objectives, TNRERA performs the following functions.

• It promotes the rights of home buyers and developers
• It aims to create transparency in the state's real estate sector
• It has helped increase accountability in the sector and in real estate transactions
• It offers speedy redressal for disputes
• It aims to create a favourable environment for real estate investments.
• It encorages efficient and timely project execution
• It standardises the real estate development and construction Process

TNRERA Services 

The RERA Act Tamil Nadu offers a host of services to homebuyers, promoters and agents. 

Homebuyers can

• File an online complaint against developers, if they don't abide by the provisions of RERA Act Tamil Nadu.
• Access and details of all RERA registered real estate projects submitted by promotors or agents of the official Tamil Nadu RERA website.

Promoters Can

• File complaints online
• Register a real estate project under RERA Tamil Nadu
• File for the extension of the project
• Update details of a registered project on quarterly basis.

Real estate Agents can

• File complaints about builders online
• Renew their registartion ON the RERA Tamil Nadu website

TNRERA Fees and Charges

Developers and agents have to pay the following fees to register their property with TNRERA

For Registration of Real Estate Projects

• RS. 5 per sqm. of the plotted area for the layouts, sub-divisions and site approvals, excluding EWS plots

• For Residential buildings

1. Rs. 10 per Sqm. of FSI area, where the size of the  dwelling unit is  less than 60 Sqm
2.  RS. 20 per Sqm. of FSI area for other residential projects

•   Rs. 50 per Sqm. of FSI area for a commercial building
• Rs. 25 per Sqm, of FSI area for any other projects

Registration Fee for Real Estate Agents

• Rs. 25000 for an individual
• Rs. 50000 for anyone other than individual

RERA Forms for Buyers

• Appeal to Appellate Tribunal Form
• Complaint to authority Form - M
• Complaint to regulatory authority Form - N

RERA Forms for Developers

• Application for registration of project Form - A
• Declaration Form - B
• Registration certificate of project Form - C
• Intimation of rejection of application for registration of project or rejection of application for extension of registration of project or revocation of registration of project Form - D
• Application for extension of registration of project Form - E
• Certification for extension of registration of project Form - F
• Complaint to authority Form - M

RERA Forms for Agents

• Application for registration of real estate agent Form G
• Registration certificate of real estate agent Form - H
• Intimation of rejection of application for registration of real estate agent or rejection of application for extension of registration of real estate agent or revocation of registration of real estate agent Form - I
• Application for renewal of registration of real estate agent Form - J
• Renewal of registration of real estate agent Form - K
• Appeal to appellate tribunal Form - L
• Complaint to authority Form - M
• Complaint to regulatory authority Form - N

RERA Tamil Nadu Approved Projects List

To see the RERA registered properties in Tamil Nadu, visit official TNRERA website: 

https://www.rera.tn.gov.in/cms/reg_projects_tamilnadu.php

(Courtesy: Bajaj Finserve Website)