TNRERA: All you need to know about Tamil Nadu RERA

Investing in a residential property is often associated with various risks such as sub-standard quality of construction and late possession, both of which can cause you mental and financial stress when you’re looking to purchase a home. In a bid to protect you from such eventualities, the Indian Government put the RERA Act in place.

What is RERA?

The Real Estate Regulatory Authority (RERA) Act has been implemented to protect the interests of homebuyers. 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. However, in case of any discrepancy in details, homebuyers can reach out to RERA for dispute redressal and reimbursement.

Know about RERA Act in Tamil Nadu

RERA 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. Today, 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 homebuyers and developers
• It aims to create transparency in the state’s real estate sector
• It has helped increase accountability in the sector and real estate transactions
  
• It offers speedy redressal for disputes
• It aims to create a favourable environment for real estate investments
• It encourages efficient and timely project execution
• It standardises the real estate development and construction process
  

TNRERA rules and regulations

TNRERA rules and regulations are divided into 9 and 20 chapters, respectively, to implement provisions of the RERA Act all across Tamil Nadu. Each of these chapters deals with notable duties such as the following.

• Checking documents that are required to be submitted by the promoter to register a real estate project under TNRERA
• Accepting disclosure from promoters regarding existing projects, if any
• Granting or rejecting the registration of property basis specific terms
• Overseeing application and renewal of agents’ registration
• Undertaking methodical complaint redressal
  

TNRERA services

The RERA Act Tamil Nadu offers a host of services to homebuyers, promoters, and agents. Take a look at what they are.

Homebuyers can:

• File an online complaint against developers if they don’t abide by the provisions of the RERA Act Tamil Nadu
  
• Access records and details of all RERA registered real estate projects submitted by promoters or agents on 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 quarterly

Real estate agents can:

• File complaints against builders online
• Renew their registration 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 sq.mt. of the plotted area for layouts, sub-divisions and site approvals, excluding EWS plots
• For residential buildings:
• Rs. 10 per sq.mt. of FSI area, where the size of the dwelling unit is less than 60 sq.mt.
• Rs. 20 per sq.mt. of FSI area for other residential projects
• Rs. 50 per sq.mt. of FSI area for a commercial building
• Rs. 25 per sq.mt of FSI area for any other projects

Registration fee for real estate agents:

• Rs. 25,000 for an individual
• Rs. 50,000 for anyone other than an individual

A home buyer also needs to bear a fee to register a complaint with the Adjudicating Officer or the Appellate Tribunal. You have to pay Rs. 5,000 when raising a complaint with the Adjudicating Officer and pay at least Rs. 1,000 for other complaints.

Tamil Nadu RERA forms for buyers, agents, and developers

To register your project or raise a complaint with RERA, you will have to submit the relevant forms.

RERA forms for buyers

• Appeal to Appellate Tribunal Form
• Complaint to authority Form-M
• Complaint to regulatory authority Form-N
• Agreement for sale annexure-A
  

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
• Certificate for extension of registration of project Form-F
• Complaint to authority Form-M
• Complaint to regulatory authority Form-N
  

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 renewal 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- 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

As a prospective homebuyer looking to invest in Tamil Nadu, you can protect your investment by checking the RERA registration details of your chosen property on the official Tamil Nadu RERA website by clicking here. Apart from the property you pick, you will to view the list of all RERA registered properties in the state.

RERA impact on real estate in India

RERA has been instrumental in ensuring transparency and accountability within the real estate sector in India, making it safer for homebuyers. However, the impact of RERA on real estate will only be felt when all states and union territories adhere to its provisions.

RERA benefits for first time homebuyers

As a first-time homebuyer, you can benefit from the features of TNRERA when you invest in under-construction and ready-to-move-in properties. Once you choose RERA registered property in Tamil Nadu, you can avail of a housing loan from reputed lenders like Bajaj Finserv to finance your home affordably and conveniently. Here, you can access a high sanction up to Rs. 15 crore* on cost-effective terms and repay it over a flexible tenor of up to 40 years*.

Additional Read: Benefits of RERA act for first time home buyers

Moreover, you can check your pre-approved offer from Bajaj Finserv to hasten approval. To view a tailor-made deal, all you have to do is submit basic details like your name and contact number. You can combine this with the benefits of TNRERA to buy your first home without any apprehensions or worries.