About Tamil Nadu RERA

The Real Estate (Regulation and Development) Act, 2016 was enacted to regulate and promote the real estate sector by ensuring transparency and accountability in transactions between buyers and promoters of residential and commercial projects. The Act also provides for the establishment of Real Estate Regulatory Authorities (RERA) at the state level to monitor the sector and adjudicate disputes related to real estate projects.

Overview

The Government of India notified the Real Estate (Regulation and Development) Act, 2016, while the Government of Tamil Nadu approved the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017 through G.O.Ms.No.112, Housing & Urban Development Department, dated 22.06.2017.

Key Features

  • Mandatory registration of all eligible real estate projects and real estate agents with TNRERA.
  • No sale or marketing of a real estate project is permitted without registration.
  • Applicable to ongoing and future projects where the land area exceeds 500 square meters or the number of apartments exceeds eight.
  • Mandatory disclosure of project details, approvals, registrations, and booking status on the TNRERA website.
  • Equal rate of interest payable by both promoters and buyers in case of default.
  • Registration required for brokers, property dealers, and intermediaries involved in real estate transactions.

Compliance and Enforcement

Failure to register with TNRERA constitutes an offence and may attract penalties, including fines, imprisonment, or both, as prescribed under the Act.

Objective

The primary objective of TNRERA is to protect the interests of homebuyers, promote transparency, ensure accountability, and encourage investment in the real estate sector through effective regulation and dispute resolution mechanisms.