RERA act applicable to plots under industrial projects : TNRERA Tribunal
- Monday 7th October 2019
- Author: Riya Kapoor
The Tamil Nadu Real Estate Appellate Tribunal (TNREAT) upheld a ruling issued by TNRERA stating that industrial plots would come under the purview of RERA.
The verdict was issued in the case of GMR Krishnagiri SIR LTD which is setting up an SEZ in Hosur,Krishnagiri district.
The Tamil Nadu Real Estate Appellate Tribunal (TNREAT) upheld a ruling issued by TNRERA stating that industrial plots would come under the purview of RERA. The verdict was issued in the case of GMR Krishnagiri SIR LTD which is setting up an SEZ in Hosur,Krishnagiri district.
According to official sources, RERA does not exempt the sale of industrial plots from the definition of the Act. Maharashtra and Tamil Nadu have adopted this definition. Such industrial projects, which came after the implementation of the Act, should be registered.GMR had entered into a memorandum of understanding with the Tamil Nadu Industrial Development Corporation Ltd (TIDCO) to develop the project as a joint venture with an infrastructure development company under the public-private partnership model.
It sought an opinion from the TNRERA on the applicability of RERA for the project. It got a response that the project should be registered with the TNRERA. Against this, the company moved the TNREAT, which noted that TIDCO entered into an MoU by way of facilitating the company to do a real estate business for the purpose of selling industrial plots.
“The entire act and legislative history clearly mentioned the sale of plots, apartments,etc. Therefore, the very purpose of the enactment is only for regulation of the sale of plots and apartments and not for any other purpose. Hence, TNRERA has rightly pointed out that the Act has not differentiated plots into housing plots, commercial plots or industrial plots,” it noted.
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