RERA Compliance in Tamil Nadu: Key Guidelines for Developers

[Aravind babu]

What are the key aspects of RERA compliance that developers in Tamil Nadu need to be aware of?

• This topic was modified 6 months, 3 weeks ago by gaichermaickel.

[Jaleel]

First and foremost, developers must register their projects with the Tamil Nadu Real Estate Regulatory Authority before advertising or selling any units. This is a mandatory step.

[Leema rani]

Yes, and they also need to submit all necessary documents, including land titles, approvals, and project plans, to ensure transparency and legal compliance.

[Ragunathan]

Developers should be aware of the stringent timelines for project completion. RERA mandates that projects must be completed within the agreed timeframe, or penalties could apply.

[Narayana moorthy]

It’s also important to maintain a separate bank account for the project. 70% of the funds received from buyers must be deposited here and used only for construction and land costs

[Keerthy]

Developers must regularly update TNRERA on the progress of their projects. This includes quarterly reports on construction status and financial updates.

[Vignesh]

Transparency with buyers is crucial under RERA. Developers need to disclose all relevant details like the layout plan, government approvals, and any changes made during the construction.

[Ishaan singal]

If there are delays in the project, developers are required to compensate buyers with interest for the period of delay. This is to protect the interests of the consumers.

[Ishaan singal]

After project completion, developers need to ensure a defect liability period of five years. Any structural or quality issues must be addressed within this period.

[Arun R]

Finally, developers should be prepared for RERA audits and inspections. Non-compliance can lead to hefty fines and even imprisonment in severe cases.