The Power of Protection: TNRERA Registered Projects Redefining Real Estate

Index

• Introduction
• Understanding the grounds of RERA Act
• The benefits of TNRERA registered projects
• List of TNRERA approved projects in Chennai by Mahindra Lifespaces
• TNRERA Rules and Regulations
• FAQs

A significant number of homebuyers and developers encounter various issues during the home-buying and selling process. To address these issues, the government introduced the RERA Act, which is operational across the nation.

The RERA Act ensures that any activity related to housing transactions or any such in the real estate sector is done transparently and ethically. As a result, it helps safeguard the interests of homebuyers and sellers while ensuring the timely completion of the projects. Let’s understand some more aspects of the TNRERA registered projects in detail.

Understanding the grounds of the RERA Act

The Real Estate (Regulation and Development) Act, 2016 (Act) stands as a pillar of transparency and protection for both homebuyers and developers. The RERA Act in TN has been enacted to ensure a fair and regulated business practice in the real estate sector.

At its core, the RERA Act aims to provide homebuyers with access to accurate and comprehensive information about projects. Developers must register their projects with Tamil Nadu Real Estate Regulatory Authority (TNRERA), which provides detailed information on different aspects of the project. This includes project plans, layouts, approvals, and estimated timelines.

This transparency empowers homebuyers to make informed decisions and prevents misleading practices. Moreover, the Act places a strong emphasis on accountability and safeguards homebuyers from unnecessary project delays.

RERA establishes an efficient mechanism for dispute resolution and set up a regulatory authority that facilitate the resolutions between homebuyers and developers. Essentially, the Tamil Nadu’s RERA approved projects have brought a much-needed legal framework to the real estate sector.

The benefits of TNRERA Registered Projects

TNRERA registered projects are a significant step towards increasing the confidence of both homebuyers and developers as it fosters a more transparent and accountable environment for both the parties. Here are the benefits of Tamil Nadu’s RERA approved projects:

1. For the home-buyers:
   In Tamil Nadu’s real estate sector, the introduction of TNRERA registered projects has ushered in a new era of advantages for homebuyers. These projects offer numerous benefits, which include unparalleled transparency and credibility.
   • TNRERA’s strict guidelines ensure accurate project information, shielding buyers from deceptive deals.
   • Opting for Tamil Nadu RERA approved projects guarantees enhanced legal security, ensuring compliance with all legal norms.
   • One compelling benefit is the assurance of timely project completion. TNRERA’s stringent timelines hold developers accountable, alleviating the stress of project delays for homebuyers.
   • TNRERA registered projects protect against unethical real estate practices. As a result, homebuyers can invest confidently, knowing that the RERA approved projects in Chennai and all over Tamil Nadu are free from fraudulent activities.

   TNRERA registered projects also streamline dispute resolution, which helps by offering a swift and impartial platform for conflict resolution.

2. For the developers:
   The RERA Act has not only brought about significant benefits for homebuyers but has also introduced a range of advantages for developers.
   • Homebuyers Confidence: TNRERA-registered projects instil confidence among homebuyers, as these projects adhere to the regulations set forth by the authority. This ensures transparency, ethical practices, and timely delivery, which reassures homebuyers about their investments.
   • Streamlined Process for Approvals: The RERA framework streamlines the approval processes for developers, reducing bureaucratic delays and facilitating smoother project execution. This efficiency helps developers launch and complete their projects on time, further boosting buyer confidence.
   • Enhanced Credibility: Registering projects under Tamil Nadu’s RERA enhances developers’ credibility within the market. This credibility demonstrates their commitment to transparency and ethical practices, making them more attractive to potential buyers and investors.
   • Penalties for Delayed Payments: TNRERA imposes penalties for delayed payments from homebuyers, ensuring that developers receive timely payments. This provision helps maintain a steady cash flow for developers, enabling them to manage their projects more effectively.
   • Easier Access to Bank Loans: Projects registered under TNRERA are perceived as low risk by financial institutions. This perception makes it easier for developers to access bank loans and other financing options, ensuring they have the necessary funds to complete their projects.

   TNRERA-registered projects operate within a strict regulatory framework, ensuring developers adhere to established rules and timelines. This minimises legal risks and promotes efficient project execution. By participating in TNRERA, developers not only enhance project reliability but also build trust with buyers. This positive reputation can lead to increased business opportunities and long-term growth in the real estate sector.

List of TNRERA Approved projects in Chennai by Mahindra Lifespaces

At Mahindra Lifespaces, we’ve made a significant mark in the real estate sector. Our commitment to enhancing Tamil Nadu’s urban landscape is evident in our exceptional TNRERA-registered projects. Combining innovation, sustainability, and modern design, our developments offer more than just homes—they offer a holistic living experience. Meticulously planned and strategically located, our projects are equipped with world-class amenities that cater to the diverse needs of our residents.

With a focus on creating vibrant communities that promote well-being, convenience, and connectivity, the following projects stand as exemplars of urban living redefined in Tamil Nadu.

TNRERA Rules and Regulations

The TNRERA registered projects have certain rules and regulations abiding by them. It is because of these regulations that these real estate projects fall under the Tamil Nadu RERA approved projects category. Let’s look at some of these essential rules:

1. Project Registration: Developers must register their projects with TNRERA before advertising or selling. These projects ensure thorough scrutinization and adherence to legal norms.
2. Project Details Disclosure: They must provide accurate project information, including plans, layouts, approvals, and timelines, to enable informed decisions by homebuyers.
3. 70% Escrow Account: Under Tamil Nadu RERA approved projects, developers must deposit 70% of the funds received from homebuyers in a separate designated escrow account. It prevents misuse of funds and ensures project completion.
4. Timely Completion: TNRERA registered projects obligate the developers to complete projects within the set timelines, as delays could lead to penalties.
5. Legal Compliance: All projects must comply with the rules and regulations framed and obtain necessary approvals before commencing construction.
6. Quarterly Updates: Developers must provide quarterly updates on project progress, enabling buyers to track the status of their investments.
7. Carpet Area Focus: The sale is based on carpet area, preventing misleading advertising and ensuring buyers get what they pay for.
8. Defect Liability: In case of structural defects within a period of 5 (five) years from the date of offer of possession of the Apartment, then, such defects shall be rectified by the Developer at its own cost.
9. Agents: Agents facilitating property transactions must register with TNRERA to ensure transparency in dealings.
10. Dispute Resolution: The authority provides a platform for efficient dispute resolution between developers and buyers, saving time and costs.
11. Advertising Standards: Developers must ensure that advertisements and promotional materials are accurate and not misleading.
12. Consent of Allottees: Any major modification/alteration in sanctioned plans, require the consent of at least two-thirds of the allottees.
13. Punitive Measures: Non-compliance with regulations can result in penalties, imprisonment, or revocation of project registration.

The rules and regulations of TNRERA registered projects collectively contribute to a regulated, transparent, and buyer-friendly real estate environment in Tamil Nadu. Thus, safeguarding the interests of both developers and homebuyers.

At Mahindra Lifespaces, we ensure that each guideline is followed and that every investment stays protected. So, if you are looking to buy a new home, what’s the wait for? Contact us today!

Frequently Asked Questions (FAQs)

1. How to check if an Agent is registered on TNRERA?
   An agent’s registration can be verified using the official TNRERA website. Visit the website and check the section for ‘Registered Agents’ under the ‘Registration’ category in the dropdown menu at the top.
2. How can I check my RERA approved projects in Chennai?
   Similar to verifying an agent’s authentication, to know whether your project is one of the TNRERA registered projects or not, visit the TNRERA website. Under the ‘Registration’ category, you may find the Projects section.
3. What if a project is not TNRERA registered?
   Unregistered RERA projects do not fall under any legal compliance, which poses several risks for investors and homebuyers. Projects not registered with RERA are more likely to face legal issues and may be subject to stay orders on construction, leading to significant delays. The lack of credibility can result in the construction not being completed as planned.For homebuyers, disputes may lack regulatory control, making resolution difficult and uncertain. Additionally, these projects often encounter funding issues and may be at a higher risk of fraud. Therefore, it is always advisable to invest in projects that are registered with RERA to ensure transparency, legal compliance, and the successful completion of the project.