The government of Tamil Nadu implemented the Act by establishing the Tamil Nadu Real Estate Regulatory Authority (TNRERA) in 2017.
TNRERA is the statutory body responsible for:
- Protecting the interests of both homebuyers and developers.
- Providing an efficient dispute resolution mechanism.
- Governing the implementation of RERA provisions across the state, including registration, applicability, buying, and selling.
Note: TNRERA's jurisdiction also extends to the Andaman and Nicobar Islands.
Key Functions & Services
| Function | Description |
|---|---|
| Applicability | Applicable to both ongoing and upcoming residential and commercial projects in Tamil Nadu. |
| Registration | Mandatory registration with TNRERA for all real estate projects, developers, and agents. Chennai, in particular, is a hub for registered projects. |
| Grievance Redressal | A structured system for speedy resolution of complaints against developers regarding project quality, delays, or other issues. |
| Penalties & Fines | Strict penalties, including fines of up to 10% of the project cost and 3 years imprisonment, for developers who fail to register projects before advertising or selling. |
| Dispute Resolution | An efficient mechanism to ensure justice and fair solutions to grievances between buyers and developers. |
| Online Services | The official TNRERA website provides access to updates, compliance guidelines, registration forms, project status tracking, and complaint lodging. |
Benefits for Stakeholders (Buyers, Promoters, and Agents)
TNRERA offers significant advantages that secure and streamline the property buying experience for all parties:
For Homebuyers (Allottees)
- Maximum Transparency: Developers must disclose all relevant project information, keeping buyers informed about their investment.
- Timely Project Completion: TNRERA ensures developers adhere to the agreed-upon timelines, minimizing project delays.
- Effective Redressal: A reliable forum for buyers to file complaints and seek compensation.
For Promoters (Developers)
- Simple Online Registration: A simple online process is available to register real estate projects under TNRERA.
- Project Extension Facility: Promoters are allowed to file project extensions on the TNRERA portal if the need arises.
- Transparency & Authenticity: Promoters are required to update information periodically, every quarter, to ensure authenticity and maintain investor trust.
For Real Estate Agents
- Enhanced Credibility: Registration with TNRERA builds trust and credibility with potential buyers.
- Online Renewal: Agents can renew their registration through the official TNRERA website to maintain compliance.
- Grievance Channel: Real estate agents can file complaints against property developers or other stakeholders online.
Summary
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