In this article, learn about the TNRERA registrations and approvals, including the registration process in different states and the types of a project under RERA.
Introduction
TNRERA registration will provide additional safety to the property buyers. Tamil Nadu Real Estate Regulatory Authority (TNRERA) was established under the Real Estate (Regulation and Development) Act of 2016 to regulate the real estate sector and address issues that homebuyers face.
According to the TNRERA Act, registration of real estate projects in India is mandatory for promoters to advertise, market, or sell any plot, apartment, or building. However, projects with land area not exceeding 500 square meters are exempted from RERA registration. In case of any issues the registered person can raise a RERA complaint.
Objectives of TNRERA
- To safeguard allottees’ interests and ensure their accountability
- Maintaining transparency and reducing the possibility of fraud
- To bring about Pan-India standardisation and professionalism
- to improve the flow of accurate information between home buyers and sellers
- Increasing the responsibilities of both builders and investors
- To increase the sector’s dependability and, as a result, investor confidence.
Homebuyers complained that real estate transactions were biased and favoured developers for a long time. Real Estate Regulatory Authority and India’s government’s model code seek to create more equitable and fair transactions between Real estate consultant services, sellers and buyers, particularly in the primary market.
It is hoped that Real Estate Regulatory Authority will simplify Patta Chitta Online purchases by introducing greater accountability and transparency, provided that states do not dilute the provisions and spirit of the central act. The RERA will be the first regulator for the Indian real estate industry. The Real Estate Act requires each state and union territory to establish their regulator and set the rules that govern how the regulator operates.
Which Projects Get Approval of TNRERA?
- Commercial and housing development and land development;
- Projects larger than 500 square metres (8 units);
- Projects that did not have a certificate of completion before the Act’s implementation;
- The real estate project is only for renovation/repair/redevelopment and does not include re-allocation or advertising, selling, or new allocation of any apartments, plots, or buildings in all real estate projects;
- Each phase must be preserved as a separate project of real estate that requires a new registration.
TNRERA Approve a Project and How Can a Builder become Real Estate Regulatory Authority Compliant?
- Registration of the project
- Ads
- POC method of withdrawal
- Updates to the website/Disclosures
- Carpeted area
- Changes to the project require the approval of two-thirds of the allottees
- Audit of project accounts
- 70% of the money collected from buyers must be deposited into the escrow project account. Extractions to cover the cost of construction and land
- Withdrawals will be calculated following the percentage of the project completion method
- Withdrawal must be approved by an architect, an engineer and a CA
- Real Estate Regulatory Authority provides for the freezing of bank accounts of the projects in the event of non compliance
- Interest in postponement will be the same for both the customer and the developer.
What Data Must a Builder Deliver under TNRERA?
- Apartment number, category, and the actual carpet area;
- Any essential change or alteration requires consent from affected allottees;
- Real Estate Regulatory Authority website is updated quarterly with information such as unsold records and awaiting approvals;
- Timetable for project completion;
- There will be no incorrect declarations or commitments in advertising;
- There will be no random annulment of units by the promoter.
How do I register a Project with TNRERA?
- Real Estate Regulatory Authority must authenticate all endorsements, inauguration certificate, authorised plan, design plan, specification, the strategy of growth work, projected facilities, Proforma allocation letter, Sale agreement, and transportation deed;
- RERA project registration application;
- All new, as well as remaining projects, must be registered with RERA earlier to its launch;
- RERA recordkeeping of agents/brokers;
- RERA and RERA appellate hearings must resolve disputes within six months;
- Different stages of a single real estate project are registered separately;
- Developers must share with RERA details of developments launched in the last five years, including status and reasons for delays;
- RERA website is kept up to date;
- Up to a year’s extension without any fault of postponement due to developer;
- A CA conducts a yearly audit of project accounts;
- Conveyance deed in accordance to RWA for the common area;
- Insurance for building and land title;
- Timetable for project completion.
RERA in the Various States
Thirty-one utS (Union Territories) and states have established Real Estate Regulatory Authorities as of March 26, 2022. (6 interims and 25 regulars).
Under the Act, each state and Union Territory must have their manager. Developers will be unable to advertise their current or forthcoming projects until they register with the state’s permanent or interim regulator. Except for Nagaland, which is in the process of notifying the rules, all states & UTs have been notified of the RERA rules.
Under the Real Estate Act, 28 states have selected provisional Real Estate Appellate Tribunals, including 24 regular and four interim tribunals.
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RERA in Maharashtra
On May 1, 2017, the MahaRERA (Maharashtra Real Estate Regulatory Authority) was established. Maharashtra, one of India’s most dynamic real estate supervisory authorities, was the first to initiate an appeasement apparatus under Section 32 (g) of the RERA through the ADR (Alternative Dispute Resolution). Any distressed allottee or promoter (as restricted by RERA) may use MahaRERA’s conciliation mechanism. A dedicated website has also been formed for this purpose, and it is accessible through the website of MahaRERA.
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RERA in Uttar Pradesh
The RERA, Uttar Pradesh, has two National Capital Region and Lucknow centres. The Uttar Pradesh RERA Rules were made public in 2016, and the state’s RERA website went live on July 26, 2017.
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RERA in Karnataka
On July 5, 2017, the cabinet approved the RERA Rules for Karnataka, 2016. According to the Karnataka RERA Rules, every builder, ongoing project, and real estate agent must record the RERA rules in the state before reaching out to the general public. Until February 2020, approximately 3,803 real estate projects, 2,101 agents, & 3,775 project-related complaints have been itemised on the Karnataka RERA website.
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RERA in Tamil Nadu
On June 22, 2017, the Tamil Nadu rules for RERA were published. TNRERA has authority over both Tamil Nadu and the Andaman and Nicobar Islands. Projects are either excluded or included for registration based on whether or not they are located within or outside the CMA (Chennai Metropolitan Area and Property Tax Chennai), amongst other features.
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RERA in Haryana
On July 28, 2017, the Haryana RERA – Real Estate (Regulation and Development) Rules 2017 went into effect. Also, the Haryana RERA portal came into existence – www.haryanarera.gov.in in October 2018. In Panchkula and Gurugram, the Haryana RERA rules have distinct jurisdiction.
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RERA in Rajasthan
The Rajasthan Rules of RERA have been made public, and the website went live on June 1, 2017. On March 6, 2019, the Rajasthan government established the Raj RERA (Rajasthan Real Estate Regulatory Authority) with Nihal Chand Goel as its chairman.
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RERA in Delhi
Lt Governor Anil Baijal launched the RERA Delhi official portal (https://rera.delhi.gov.in) on June 24, 2019. Vijay S Madan was appointed by Lt Governor Anil Baijal to the post of full-time real estate regulator under the RERA in November 2018.
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RERA in Telangana
On July 31, 2017, the Telangana government published its RERA rules. Telangana State Real Estate (Regulation and Development) Rules, 2017 will be the state’s rules. They apply to all real estate projects whose building the competent authorities approve permits on or after January 1, 2017. Various services are available. The authority, known as TSRERA, seeks to improve the ease of doing business in the state. It has not appointed a permanent leader.
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RERA in Andhra Pradesh
On March 27, 2017, the Andhra Pradesh government notified the Andhra Pradesh Real Estate (Regulation and Development) Rules. On May 1, 2017, the Real Estate (Regulation and Development) Act went into effect in AP. The government has also launched an online website for project and agent registration and filing complaints under the AP RERA.
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RERA in West Bengal
On August 16, 2017, the West Bengal;’s assembly passed the WBHIR Bill (West Bengal Housing Industry Regulation Bill) 2017. All real estate industry projects of eight apartments or those larger than 500 square metres must be recorded with the WB’s state regulator, i.e., the HIRA (Housing Industry Regulatory Authority), once notified by the West Bengal government (HIRA). The bill proposes to implement the HIRA over the next 60 days. Following West Bengal’s notification of its own real estate act, Union Housing and Urban Affairs Minister Hardeep Singh Puri stated on September 18, 2018, that there is no ambiguity in the implementation of the central law and that states must conform to it.
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RERA in Gujarat
The Gujarat government issued the general rules for the Gujarat Real Estate (Regulation and Development) rules in May 2017, and the Gujarat RERA has been in effect since then. The Gujarat RERA website can be found at www.gujrera.gujarat.gov.in.
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RERA in Punjab
On June 8, 2017, the Punjab government published the Rules of Real Estate (Regulation and Development), 2017. On August 10, 2017, the Punjab RERA was established. So far, Mohali in Punjab has the most RERA-registered projects.
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RERA in Bihar
On April 28, 2017, the Bihar government enacted its law and notified the Bihar Real Estate (Regulation and Development) Rules, 2017. Bihar RERA has 833 RERA approved projects as of May 13, 2020.
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RERA in Chhattisgarh
In November 2017, Chhattisgarh became one of the first states to implement the Act of Real Estate (Regulation and Development), 2016 (RERA) by enforcing the Chhattisgarh Real Estate (Regulation and Development) Rules, 2017. The Chhattisgarh RERA had 1,124 RERA-approved projects and 473 RERA-approved agents as of May 2020. In the aftermath of the Coronavirus pandemic, the Chhattisgarh real estate authority began hearing cases via video-conferencing on May 12, 2020, for a first.
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RERA in Kerala
After a lengthy delay, the Kerala Real Estate Regulation and Development Rules were notified in 2018. Previously, the Kerala RERA rules were repealed by the state government because they appeared to favour the building industry. On the other hand, the dedicated portal was re-launched in early 2020 and is now fully operational.
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RERA in Odisha
In February 2017, the state government notified the ruses under the Real Estate (Regulation and Development) Act. In October of that year, the Odisha Real Estate Regulatory Authority (Odisha RERA) was established.
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RERA in Madhya Pradesh
Madhya Pradesh is one of the states in India that has been very active in implementing the Real Estate Act’s rules and regulations, with over 2,640 registered projects and 244 projects in the process of registration. As of June 4, 2020, 1,897 promoters and 677 real estate agents registered with the Madhya Pradesh Real Estate Regulatory Authority (MP RERA).
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RERA in Ladakh
Ladakh became the 34th state/union territory to notify its rules under the Real Estate (Regulation and Development) Act on October 8, 2020. Durga Shanker Mishra, secretary, Ministry of Housing and Urban Affairs (MoHUA), lauded the move, saying that the Ladakh RERA would open new avenues for UT development and foster efficient and transparent integration transactions. The move will also ensure project completion on time and of high quality
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RERA in Jammu and Kashmir
On August 1, 2020, the Jammu and Kashmir union territory notified the rules under the Real Estate (Regulation and Development) Act 2016. It is the 33rd region to announce its regulations. Authorities are optimistic that the Jammu and Kashmir RERA will usher in a new era of growth and transparency in the local real estate market.
Conclusion
In this article, we have, in detail, discussed the TNRERA its objectives, projects approved under it along with this we have also discussed about RERA in different states and the projects that can be approved under RERA.
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