Tamil Nadu RERA - All about TNRERA

What is RERA Act in Tamil Nadu?

To ensure the proper and smooth implementation and functioning of the RERA Act, which was successfully introduced in the second half of 2016 country-wide, the government has set up localised offices in each state of the same. One such body is that of Tamil Nadu Real Estate Regulatory Authority (TNRERA), which also goes by the name of RERA Tamil Nadu. This article will take you through everything you need to know about the authorities incharge of putting the TNRERA act into effect in the state. Read on to know more!

Overview of Tamil Nadu RERA

The RERA Act was greenlit by the Upper House of the Parliament with the purpose of safeguarding a property buyer’s interests. The act requires the relevant parties to furnish the requisite details about the current ownership of the property and the clearances that a property needs to have as a mandatory requirement. In order to ensure the proper implementation of the said act within the boundaries of the Indian states, several localised bodies have been created, one of which is located in the state of Tamil Nadu.

Objective of TNRERA

In line with the objectives of the parent act, TNRERA performs the following functions:

1. Promotion of homebuyers’ as well as the developers’ rights. 

2. Creation of transparency in Tamil Nadu’s real estate sector 

3. Increase in accountability within the sector 

4. Speedy dispute redressal 

5. Creation of a favourable environment for property investments 

6. Encouragement of efficient and timely execution of the project 

7. Standardisation of the processes involved in real estate development and construction

Vision of RERA Tamil Nadu

RERA Tamil Nadu intends on turning the state into a prime destination for Real Estate investments in the eyes of Indians and the world at large. In order to achieve this, the RERA authorities of Tamil Nadu have put into place imaginative customer-centric solutions, noteworthy communication practices with stakeholders and service delivery tactics by hiring skilled and educated professionals.

TNRERA Rules

In order to implement the provisions of the act all over the state, the rules and regulations of the TNRERA act are divided into 9 and 20 chapters respectively. Each of these chapters deals with notable duties such as: 

1. Checking documents that are required to be submitted by the promoter to register a real estate project under TNRERA.

2. Accepting disclosure from the promoters concerning existing projects, if there are any.

3. Grant or rejection of the registration of property basis specific terms.

4. Overseeing the application process and renewal of the registration of the agents. 

5. Undertaking the task of complaint redressal in a methodical manner. 

Tamil Nadu RERA Services

The Tamil Nadu RERA Act offers a myriad of services to agents, promoters and homebuyers alike. They are as follows:

Homebuyers can:

1. File complaints against developers online, if they do not abide by the provisions laid out under the RERA Act of Tamil Nadu.

2. Access records and details of all of the properties that are RERA registered that have been either submitted by agents or promoters on the TNRERA website.

Promoters able to:

1. File online complaints

2. Register a real estate project under the act

3. File for the extension of the project’s RERA registration 

4. Update the details of a registered project on a quarterly basis

Agents able:

1. Let their grievances known online 

2. Renew their registration

3. Tamil Nadu RERA Forms for Buyers, Agents and Developers

In order to register a project or file a complaint with RERA, you will have to submit a specific form that will be dependent on the circumstance. Those forms are listed below.

TNRERA Forms

The aggrieved parties depending upon their case, can download a form from the official TNRERA website. The kind of forms that can be downloaded and filled up by the likes of buyers, agents and promoters alike are as follows:

RERA Forms (For Buyers)

1. Appeal to Appellate Tribunal Form 

2. Complaint to authority (Form-M) 

3. Complaint to regulatory authority (Form-N) 

4. Agreement for sale (Annexure-A)

RERA Forms (For Developers)

1. Application for registration of project (Form-A) 

2. Declaration Form-B Registration certificate of project (Form-C) 

3. Intimation of rejection of application for registration of project/Rejection of application for extension of registration of project/Revocation of registration of project (Form-D)

4. Application for extension of registration of project (Form-E)

5. Certificate for extension of registration of project (Form-F)

6. Complaint to authority (Form-M)

7. Complaint to regulatory authority (Form-N)

RERA Forms (For Agents)

1. Application for registration of real estate agent (Form-G)

2. Registration certificate of real estate agent (Form-H) 

3. Intimation of rejection of application for registration of real estate agent/Rejection of application for renewal of registration of real estate agent/Revocation of registration of real estate agent (Form-I)

4. Application for renewal of registration of real estate agent (Form-J)

5. Renewal of registration of real estate agent (Form-K)

6. Appeal to appellate tribunal (Form-l)

7. Complaint to authority (Form-M)

8. Complaint to regulatory authority (Form-N)

How to Check RERA Registered Projects in TamilNadu?

As a hopeful home buyer looking to invest in the state, you can protect your investment by simply checking the details pertaining to the RERA registration of your chosen property on TNRERA’s official website (https://www.rera.tn.gov.in/cms/reg_projects_tamilnadu.php.) Apart from the property that you pick, you should also be able to view the list of all of the properties registered with RERA. The process of verifying whether or not a property is registered with RERA is as follows:

1. You need to enter details such as the project name and the name of the promoter.

2. The project details should then appear in the search results. They can be obtained by simply clicking on ‘View’ on your screen.

3. Once you click on it, you will get all of the information pertaining to the project, if it is registered with TNRERA. 

How to Check Registered Agents on TNRERA?

1. Firstly, you must click on ‘Registration’ and then select ‘Registered Real Estate Agents’. Then, click on ‘Search’.

2. The search results should give you all of the details that you will need with regards to the agents registered with TNRERA.

Important Documents to be uploaded by Promoters

• Form ‘B’

• Planning Permission Approval Letter

• Planning Permit

• Building License Letter

• Approved Plan with Local Body Seal

• Patta / PLR (or) Document

• Encumbrance Certificate obtained within 30 days before Application for Registration

• Structural Stability Certificate

• Plan of Development Works

• PAN Card

• Aadhaar Card

• Bank Certificate in Proforma as given in TNRERA website

• Proforma Allotment Letter

• Upload photos of Chairman or the Governing Body / Partner / Director

• Audited Balance Sheet

TNRERA Fees and Charges

In order to register oneself as a promoter or agent and thereby get their projects vetted by the bodies authorised to ensure the smooth functioning of RERA Tamil Nadu related operations, a certain amount will have to be paid as fee. You can find its variations in the list below.

1. You need to pay a registration fee of ₹5 per square metre for projects labelled as group housing, that don’t exceed 1,000 square meters. If the land exceeds 1,000 square meters, the fee for the same is set at ₹10 per square metre,and the authorities can charge up to ₹5 lakh per property only.

2. For mixed development projects, the registration fee is ₹10 per square metre for plots not exceeding 1,000 square metres. However, for plots that do exceed 1,000 square metres, the fee is ₹15 per square metre, capped at a maximum of ₹10 lakh.

3. For commercial projects, the registration fee is ₹20 per square metre for plots not exceeding 1,000 square metres. However, if the plot does exceed 1,000 square metres, the fee is ₹25 per square metre, capped at a maximum of ₹10 lakh.

4. For plotted development projects, the registration fee is ₹5 per square metre, capped at a maximum of ₹2 lakh

5. In order to carry out a withdrawal of application, the fee is 5% of the registration fee or ₹25,000, whichever is higher.

Conclusion

Now that you have received an overview of the functions of TNRERA and what are the benefits that a first-time homebuyer can receive through it, you can now invest in a property within the boundaries of the state without any form of apprehension while doing so. One can also choose to simplify the home-buying process even further by applying for home loan in order to finance your home purchase. One such example is the kind of advances you can take as a borrower of a Bajaj Housing Finance Home Loan, which offers amounts up to ₹5 Crores at competitive interest rates. Furthermore, you can repay your loan easily over a tenure as long as 30 years.