Real Estate Regulatory Authority (RERA) guidelines were notified in Tamil Nadu on June 22 and TNRERA website was launched half month back so that developers can register their ongoing projects. Since RERA came in there has been downtime in home buying and property development as home loan market has struck its lowest.
The RERA Tamil Nadu aimed at creating transparency and investment in the real estate sector and specifying the rights and obligations of homebuyers and builders. Projects not cleared under RERA can’t cadge buyers, all mortgage lenders have decided not to lend to non-RERA cleared projects.
Although the process for RERA Registration pulled in the developers to register themselves with the authority, RERA unique identification number for projects have still not being issued. The application form for RERA number might brainwash the bankers to approve a loan as it is obligatory if the buyers have RERA number only then a loan can be approved.
As per the sources, since June 22, only one project has been cleared by the authority which has neither got the three-member committee nor staff and other infrastructure.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.