Everything you need to know about RERA in Tamil Nadu !

Everything you need to know about RERA in Tamil Nadu !
  • Wednesday 25th October 2017
  • Author: Yash Verma

Highlights

  • The final rules of the Real Estate (Regulatory and Development) Act were notified by the Government of Tamil Nadu on 22nd June 2017.

  • The official portal of Tamil Nadu RERA was launched in early August following the notification of final rules of the Act.

  • The Real Estate Regulatory Authority of Tamil Nadu also allows homebuyers to complain to the Authority regarding any disputes or issues against builders or brokers of the state.

The final rules of the Real Estate (Regulatory and Development) Act were notified by the Government of Tamil Nadu on 22nd June 2017. The implementation of the Act was delayed by almost two months in the state, as the original date of starting RERA registrations was 1st May 2017.

The official portal of Tamil Nadu RERA was launched in early August following the notification of final rules of the Act. The website of the RERA Authority of Tamil Nadu enabled builders as well brokers to register on the portal itself, making it convenient for the real estate developers of the state to obtain certificate with ease.

Fee structures

The fee for registering a project is categorized on the basis of type of project and land area.

Fee structure for promoters in Tamil Nadu is as following :

a) Layouts, sub-divisions and site approvals – Rs 5/- per square meter of plottable area excluding EWS plots (Roads and OSR excluded);

b) Residential buildings

i)  Rs.10/- per square meter of FSI area for residential project in which dwelling unit size is less than 60 square meter;

ii)  Rs.20/- per square meter of FSI area for other residential projects;

c) Commercial buildings – Rs.50/- per square meter of FSI area;

d) Any other projects – Rs.25/- per square meter of FSI area

The fee structure for real estate agents in Tamil Nadu as:

  1. For an individual – Rs 25,000
  2. For other than individual – Rs 50,000

The registration shall be valid for a period of 5 years, following which renewal of registration will be required of real estate agents.

The Real Estate Regulatory Authority of Tamil Nadu also allows homebuyers to complain to the Authority regarding any disputes or issues against builders or brokers of the state.

The fee for registration of complaint is Rs 500, which has been recently revised from the previous fee of Rs 100.

The Tamil Nadu RERA Authority is also responsible for overlooking registrations in Andaman and Nicobar Islands. The Authority has also notified separate rules for the territory. There is also a separate section for registrations in Andaman and Nicobar Islands on the official website of Tamil Nadu RERA.

Until now, there have been a total of 150 projects which have registered with the Tamil Nadu RERA Authority. Also 131 real estate agents of Tamil Nadu have received RERA certificate so far. The Authority also announced penalties on ongoing projects which delayed registrations with the Authority.

The Authority is in the process of approving registration applications and it is expected that a number of projects will receive the final certificates in the near future. 

More Blogs