All About Tamil Nadu RERA

[ecis2016.org] The TNRERA strives to make transactions and information delivery within the real estate sector in the state as transparent and efficient as possible. TNRERA has jurisdiction over Tamil Nadu, as well as Andaman and Nicobar Islands. Read on to know how it helps promoters, buyers and agents

Investing in a property in Tamil Nadu? The Tamil Nadu Real Estate Regulatory Authority popularly called TNRERA came into being when the state government approved the rules on June 22, 2017. Keeping the Real Estate Act at its core, the TNRERA strives to make transactions and information delivery within the real estate sector in the state as transparent and efficient as possible. TNRERA has jurisdiction over Tamil Nadu, as well as Andaman and Nicobar Islands.

You are reading: All About Tamil Nadu RERA

Here’s what home buyers, developers and real estate agents in the state need to know about TNRERA.

For home buyers

How to check registered projects on TNRERA

Step 1: Visit the homepage of TNRERA (click here).

Step 2: Click on the ‘Registrations’ tab to go to Projects>>Registered Projects>>Tamil Nadu/Andaman. You will be directed to a page where TNRERA gives you full information about projects registered between 2017-2020.

Also read our guide on TNREGINET to know about how to use the Tamil Nadu govt portal to get information on guideline value and more in the state. 

How to check registered agents on TNRERA

Step 1: Visit TNRERA’s official website

Step 2: Click on the ‘Registrations’ tab to access Agents>>Registered Agents>>Tamil Nadu/Andaman. Details of real estate agents have been recorded year-wise.

How to register a complaint online on TNRERA

Under the ‘Registrations’ tab, you will also see a ‘Complaint’ section. Depending upon whom you wish to approach, you will have to fill in separate forms. For example, if you wish to complain to the regulatory authority, fill up Form M. Suppose you wish to approach the adjudicating officer, fill Form N.

You can also go through several cases that the TNRera has passed its judgement for here.

Also read about Guideline value Tamilnadu

Complaints to TN RERA Authority

 Here are the rules in case you wish to complain to the authority:

• Download Form M. After filling up the details, you will have to pay an online fee of Rs 1,000.
• Submit not less than three copies of details of the complaint which needs to be forwarded to the respondent along with proofs and documents duly attested on all pages. You can send this to the authority as registered post or you could go to the office.
• Note that the copies must reach the office within seven days of filing the complaint online for Tamil Nadu-based cases and within 10 days for Andaman-based cases.
• Complaint can be presented by the complainant or by an advocate.
• The complainant must also pay a sum of Rs 600 online towards postal charges incurred by the authority. The details are as follows:

Bank: Indian Bank, CMDA Branch

Current Account No: 65430 57988

Name: Tamil Nadu Real Estate Regulatory Authority (TNRERA)

IFSC Code: IDIB000I010

For promoters

How to register your project on TNRERA

If you are looking to register your project, visit the ‘Online Registration For Projects’ section which is on the right hand side of the homepage. Click whether Tamil Nadu or Andaman depending upon where is your proposed project.

Read also : Udyam registration number, certificate: All you need to know

Project registration fee on TNRERA

For online transfers, details are:

A/C No. 6543057988

Name: Tamil Nadu Real Estate Regulatory Authority(Tnrera)

A/C Type: CA (Current Account)

Bank: Indian Bank, CMDA Branch

Ifsc Code: IDIB000I010

Important documents to be uploaded by promoters

1. Form ‘B’
2. Planning Permission Approval Letter
3. Planning Permit
4. Building License Letter
5. Approved Plan with Local Body Seal
6. Patta / PLR (or) Document
7. Encumbrance Certificate obtained within 30 days before Application for Registration
8. Structural Stability Certificate
9. Plan of Development Works
10. PAN Card
11. Aadhaar Card
12. Bank Certificate in Proforma as given in TNRERA website
13. Proforma Allotment Letter
14. Upload photos of Chairman or the Governing Body / Partner / Director
15. Audited Balance Sheet

You will now be able to proceed further. You will be asked to feed in your email id. Enter the details to get to the page where you can fill in all the details.

For agents

How to register yourself as an agent on TNRERA

The process is simple and the ‘Online Registration for Agents’ section is on the right-hand side of the homepage. There are things to remember when you go ahead to complete your registration. The fee details are as follows:

You can transfer the registration fee online.

A/C NO. 6543057988

NAME: TAMIL NADU REAL ESTATE REGULATORY AUTHORITY(TNRERA)

A/C TYPE: CA (Current Account)

BANK: INDIAN BANK, CMDA Branch

IFSC CODE: IDIB000I010

Important documents to be uploaded by agents

• Company Registration Certificate if it is a Company
• Photograph of the real estate agent if he/she is an individual and the photograph of the partners, directors, etc., in case of other entities
• Registration Certificate as a Real Estate Agent in any other state
• PAN Card
• Address Proof (Aadhaar Card / Driving License / Voter ID / Passport / Bank Passbook / Telephone Bill / Electricity Bill) in case of Individual
• Address Proof (Udyog Aadhaar / Telephone Bill / Electricity Bill / Registration Certificate) in case of Firm

Proceed as follows:

Read also : Non-operational SEZs: SC to hear plea on return of land

Impact on the property market and home buyers

On the optimistic side, RERA is expected to create a level playing field for developers, better transparency and accountability, timely delivery of projects and greater absorption rates, accompanied by an increase in consumer confidence. On the other hand, compliance can be a challenge for developers and promoters in the beginning, as it requires all construction approvals before registration.

Moreover, promoters are legally bound and liable, with either imprisonment up to three years or compensation of up to 10 per cent of the total project cost, in case of failure in compliance or violations in land title, scheduled completion and maintenance of the project. Therefore, in our opinion, developers should be extremely careful about providing accurate estimates regarding their projects and the sale agreement.

“The need for a regulator in the Indian real estate business has been long awaited and RERA will essentially be the Indian realty watchdog. Chennai’s market will begin to witness positive sentiments and therefore, robust demand, post RERA. Potential investors in Chennai, who refrained from investing in real estate for want of transparency, would now have an ‘a la carte’ list to choose from and make well informed and intelligent decisions,” says Shaju Thomas, director, office services, Colliers International India.

Tamil Nadu RERA: Impact on developers

As per Colliers Research, the holding cost for developers should increase and may result in an increase in prices, as it is mandatory for developers to assure compliance of their ongoing and upcoming projects with stringent guidelines specified by the Act. However, considering the sluggishness in the residential market, after demonetisation and announcement of the RERA, the pressure of increase in costs, is unlikely to be passed on to home buyers in the short run.

In addition, Chennai recorded about 2,300 units of new launches in Q1 2017, majorly contributed by reputed developers, whereas, small developers have adopted a wait-and-watch approach. Developers are also paying greater attention to completing their existing projects and clearing their inventory. On successful implementation of RERA, we expect the market to witness exit/ consolidation of small builders and fly-by-night developers, while the organised developers will make bigger endeavors.

[ecis2016.org] What is RERA and how will it impact the real estate industry and home buyers?

Colliers Research would advise developers to be more realistic in marketing their projects, as they will have to ensure that there are no deviations in the final product from the approved layout and specifications, as mentioned on the website/ product brochure. Likewise, as 70% of the project amount will have to be deposited in the dedicated project account, developers will have to strategise project-specific plans and cost estimates.

Therefore, improved project planning, obtaining all necessary approvals on time and use of modern construction technologies to speed up the construction process, will help developers to avoid delays, manage project funds efficiently and align themselves with all the RERA guidelines for a smoother transition.

Delays likely to affect RERA registrations

Owing to the delay in finalising the RERA rules in Tamil Nadu, it is now important for the state government to set further events on track, in order to avoid any further postponement in the implementation of the Act. Until the regulatory body is established, the secretary, Housing and Urban Development Department, has been assigned to take on the role of the real estate regulatory authority for the state. It is mandatory for promoters to register ongoing residential projects and the same applies for real estate agents, as well.

Moreover, in spite of the absence of a permanent regulatory authority and a functional website for project registration, the Union Ministry of Housing and Urban Poverty Alleviation is insistent on immediately commencing registration of projects, based on the manual applications submitted to the interim regulators. As developers, promoters and real estate agents only have a three-month window to complete the whole process, we expect a rush for registrations.

Projects that need to be registered under Tamil Nadu RERA

The key entities for registration with RERA, include projects with land area greater than 500 sq metres, projects with more than eight apartments inclusive of all phases and all ongoing projects where the occupancy certificate (OC) or completion certificate (CC) has not been received.

Considering the concerns over the definition of ongoing projects in the draft rules, the state has framed more clarity in the final rules. It states that ongoing projects exclude layout projects where land is developed into plots and the roads and open spaces are gifted to the local body concerned and projects within the Chennai Metropolitan Area (CMA) for which the application for the completion certificate has been already filed with the Chennai Metropolitan Development Authority (CMDA) after being certified by the associated architect/licensed surveyor/structural engineer confirming the structural completion along with photographs.

In the case of projects outside the CMA, promoters should immediately intimate the structural completion of the projects to the corresponding local planning authority, within 15 days from the date of notification of the rules, with a copy to the office of the Director of Town and Country Planning, in order to be excluded from RERA registration. Furthermore, with a view to support the ‘Housing for All’ vision and encourage affordable housing, the registration fee has been excluded for Tamil Nadu Slum Clearance Board projects, affordable housing projects of the Tamil Nadu Housing Board and housing projects executed by the Tamil Nadu Police Housing Corporation.

TNRERA latest updates

Landowners not party to case, if UDS is registered for home buyers

The TNRERA has ruled that landowners will not be liable in cases where the undivided share has been registered for home buyers. The ruling came during the hearing of a complaint against a housing project, by the buyers against 12 people, which included eight landowners. Confusion arose over whether the landlords must be party to the case.

Clearing the air, TNRERA adjudicating officer G Saravanan said that since the landowners of the site had executed a general power of attorney (GPA) to the developer and given that the developer had executed the sale deed for the undivided share in favour of the buyers, only the first respondent, which is the company, comes under the category of ‘promoter’ and not the landlord.

The case would have been different if the landlord had executed a power of attorney in favour of a third party and not the builder. This case, however, was a joint venture and thus, the landowners are not promoters in this case, the TNRERA said.

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