What is RERA?

The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation aimed at protecting homebuyers and boosting investments in the real estate sector. In Tamil Nadu, TNRERA ensures transparency, accountability, and efficiency in real estate transactions.

Key Benefits of RERA

• Transparency: All project details including approvals, carpet area, and completion timeline must be disclosed.
• Accountability: Builders must deposit 70% of project funds in a separate escrow account.
• Standardization: Uniform carpet area calculation based on net usable floor area.
• Timely Delivery: Strict penalties for project delays ensure timely completion.
• Quality Assurance: Builders liable for structural defects for 5 years after possession.
• Quick Dispute Resolution: Fast-track complaint resolution within 60-120 days.

RERA Project Registration

All real estate projects exceeding 500 sq.m or 8 apartments must be registered with RERA before advertising or selling. Key requirements include:

• Approved building plans and layout approvals
• Land title documents and encumbrance certificate
• Project details including timeline and specifications
• Promoter details and financial declarations
• Quarterly project updates on construction progress

RERA Agent Registration

Real estate agents must register with RERA to operate legally. Benefits include:

• Legal recognition and credibility
• Access to official RERA database
• Protection under RERA provisions
• Standardized commission structure
• Renewal required every 5 years

Filing Complaints with RERA

Homebuyers can file complaints for various grievances:

• With RERA Authority: For refunds and interest claims
• With Adjudicating Officer: For compensation claims
• Common Complaints: Project delays, false advertising, agreement violations
• Resolution Time: 60 days for Authority, 120 days for Adjudicating Officer
• Appeal Process: Appeals to Appellate Tribunal within 60 days

Important RERA Provisions

• Advance Payment Cap: Maximum 10% booking amount without agreement
• Carpet Area Sales: Properties must be sold based on carpet area only
• Interest Parity: Same interest rate for delays by builder and buyer
• Title Insurance: Mandatory title insurance for projects
• Defect Liability: 5-year warranty on structural defects
• Force Majeure: Limited grounds for extension of project timeline

Disclaimer

The information provided here is for general awareness only. While we strive to keep the information current and accurate, users should verify all details with official TNRERA sources. Laws and regulations may change, and specific cases may have unique circumstances. Always consult with legal professionals for specific advice regarding RERA matters.