As per the latest RERA Act, all states in India must have a RERA body to oversee the real estate sector within the state limits. Subsequently, TNRERA (Tamil Nadu Real Estate Regulatory Authority) was formed in March 2016. It came into effect to monitor every segment of Tamil Nadu’s real estate sector.
Objectives of RERA Tamil Nadu
In line with the parent Act and how RERA is going to alter the real estate market, the functions of Tamil Nadu Real Estate Regulatory Authority include –
Promote the rights of promoters and homebuyers alike.
Create transparency in the real estate sector of the state of Tamil Nadu.
Assist in increasing the accountability of transactions within the sector.
Offer quick redressal of disputes.
Foster a favorable environment for investments in this sector.
Encourage timely and effective execution of projects.
Standardize the construction progress thereby boosting real estate development.
Rules and regulations under Tamil Nadu RERA
Some of the notable duties followed under the RERA Act of Tamil Nadu are –
Check documents required to be submitted by the constructors to register their real estate project.
Accept disclosure from developers regarding the progress of on-going projects.
Grant or reject property registration based on the terms and conditions of the Act.
Oversee the application and renewal of registrations.
Undertake complaint redressal in a methodical approach.
The above is all you need to know about TNRERA that would equip you with the knowledge of this body. Seek for an affordable home loan from your preferred lender and invest in a home in Tamil Nadu.
Additional Read: What Are RERA Guidelines For Builders In Tamil Nadu?
