Real Estate projects and Real Estate agents Registration
The Government of India have notified the Real Estate (Regulation and Development) Act, 2016 aims to regulate and promote the real estate sector by regulating the transactions between buyers and promoters of residential as well as commercial projects. It also has provisions for establishing a regulatory authority at state level called "Real Estate Regulatory Authority" (RERA) for monitoring the real estate sector and adjudicating disputes relating to Real Estate Projects. The main aim of the Act is to protect buyers and help investment in Real Estate Sector. This Act provides for establishing Real Estate Regulatory Authority (RERA) and Appellate Tribunal for monitoring and adjudicating disputes relating to real estate projects and also to frame Rules under this Act. The Tamil Nadu Government in G.O.Ms.No.112, Housing & Urban Development Department, dated 22.06.2017 has approved the Tamil Nadu Real Estate (Regulation & Development) Rules, 2017 to carry out the provisions of Real Estate (Regulation & Development) Act, 2016.
Registration of all Real Estate projects and Real Estate agents is made mandatory with RERA. No sale in a real estate project can be made without registration of the project with RERA. These Rules will apply to all ongoing projects and future projects where the area of land exceeds five hundred square meters or the number of apartments proposed to be developed exceed eight inclusive of all phases. It is mandatory for a promoter to upload the details of the proposed project on the website of RERA, including details of registration, types of apartments or plots booked, list of approvals taken etc. Both promoter and buyer are liable to pay equal rate of interest in case of any default from either side. Similarly, property dealers, brokers, middlemen by whatever name called have to register with TNRERA.
The implementation of Tamil Nadu Real Estate (Regulation & Development) Act, 2016 and Tamil Nadu Real Estate (Regulation & Development) Rules, 2017 is applicable for entire Tamil Nadu which include both planning area and beyond the planning area. Accordingly, all the promoters have to register with Tamil Nadu Real Estate Regulatory Authority as per Section 3(1) of Real Estate (Regulation & Development) Act, 2016 and as per G.O.(Ms) No.166, H&UD Dept. dated 29-11-2018, it’s prerequisite for obtaining Completion Certificate for project from the CMDA & DTCP.
The promoter should register the layout first and then apply for registration of building. Even if the promoter produces relevant documents for registration for both the layout and building simultaneously in the same file, a separate registration number would be assigned for layout and for building.
In case, the promoter applies for withdrawal of application for registration of the project, before the expiry of the period of 30 days provided under Sub-Sec.(1) of Sec.5 of the Act or in case of rejection of application, 10% of the registration fees remitted of Rs.50,000/-, whichever is more, would be deducted as processing fees and the balance amount would be refunded.
The Promoter who sells the plots, building and apartments which has not obtained Planning Permission under Town & Country Planning Act, 1971 and Registration under Section 5 of The Real Estate (Regulation and Development) Act, 2016 would be a punishable offence. Only the projects of layout and building registered with RERA can be published and advertised by the promoter to the public. Failure to register with TNRERA is an offence and punishable with fine or imprisonment or both.
We have experts and experience in the field of projects registration with RERA in all aspects. For any assistance required for your real estate projects, you may contact to our Registration Boss…
