Investing in real estate is a significant decision, and ensuring that the project you’re considering is RERA-approved is crucial for safeguarding your interests. In Chennai, the Tamil Nadu Real Estate Regulatory Authority (TNRERA) oversees the registration and regulation of real estate projects. Here’s a comprehensive guide to help you verify RERA approval for a project in Chennai.
What is RERA and Why is It Important?
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was enacted to promote transparency, accountability, and efficiency in the real estate sector. It mandates that developers register their projects with the respective state RERA authorities before advertising or selling. In Tamil Nadu, this authority is known as TNRERA.
For homebuyers, RERA-approved projects offer several benefits:
Transparency: Developers must provide detailed project information, including timelines and approvals.
Accountability: Builders are legally bound to adhere to the agreed-upon possession dates and quality standards.
Legal Recourse: Buyers have access to a grievance redressal mechanism in case of disputes.
How to Check RERA Approval in Chennai
To verify if a real estate project in Chennai has RERA approval, follow these steps:
1. Visit the Official TNRERA Website
Navigate to the official Tamil Nadu RERA portal
2. Access the Registered Projects Section
On the homepage, locate and click on the “Registered Projects” link. This section lists all the projects registered with TNRERA.
3. Search for the Project
You can search for a specific project by:
Project Name: Enter the full or partial name of the project.
Developer Name: Input the builder’s name.
Registration Number: If you have the RERA registration number, enter it directly.
4. Review Project Details
Once you find the project, click on it to view detailed information, including:
Project Name and Address
Promoter’s Details
Registration Number
Approval Details
Project Completion Date
Other Relevant Information
This information will help you confirm the project’s legitimacy and compliance with RERA regulations.
What to Do if a Project is Not RERA Registered
If you find that a project is not RERA registered, consider the following steps:
Exercise Caution: Non-RERA projects may lack legal safeguards, increasing the risk of delays and disputes.
Seek Legal Advice: Consult with a legal expert to understand your options and rights.
File a Complaint: You can lodge a complaint with TNRERA if you believe the developer is violating RERA norms.
Importance of RERA Approval in Chennai
Opting for RERA-approved projects in Chennai offers several advantages:
Legal Protection: In case of delays or disputes, you have a legal framework to seek redressal.
Financial Security: Developers are required to deposit 70% of the project funds into an escrow account, ensuring that the money is used solely for the project’s completion.
Quality Assurance: RERA mandates that developers adhere to quality standards, reducing the risk of subpar construction.
Recent Developments in RERA Regulations
TNRERA has introduced several measures to enhance transparency and protect homebuyers:
Mandatory Display Boards: Developers are required to install prominent information boards at project sites displaying essential details like the project’s RERA registration number, expected completion date, and the TNRERA website.
Stricter Advertising Guidelines: All real estate advertisements must prominently display the project’s RERA registration number and other relevant details. Misleading claims and vague disclaimers are prohibited.
Enhanced Financial Safeguards: Developers seeking project registration extensions exceeding one year must deposit an additional 20% of the total amount collected from homebuyers into the designated project account.
Conclusion
Ensuring that a real estate project in Chennai has RERA approval is vital for protecting your investment and ensuring legal recourse in case of issues. By following the steps outlined above, you can verify a project’s RERA status and make informed decisions. Always prioritize transparency and accountability when considering real estate investments.