The Real Estate Regulatory Authority (RERA) Act is contemplated to import investment and transparency among homebuyers and builders in the real estate sector. The Central Act came into force on May 1, 2017, and is now a vision in Tamil Nadu. The State government notified the RERA Rules on June 22, 2017, to carry out the provisions of Real Estate (Regulation and Development) Act 2016. Tamil Nadu Real Estate Regulatory Authority (TNRERA) has also been set up by the officials.
As per the section 3 (1) of the RERA Act, no developer or agent can advertise their project without getting them registered under TN RERA. Accordingly, developers will have to mention their registration number at the time of advertising. This is going to be a major follow through as inside story of developer will now be showcased on the website creating transparency on their part.
It is more of a boon for homebuyers as they can check the details of the preferred developer or agent on the TNRERA website. The homebuyers will now be fully aware whether the project is registered under RERA or not. This trail will help homebuyers in identifying the projects without RERA Registration that can now be rejected.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws