Description
The real estate market in India is finally on the mend after two tumultuous years. The global pandemic created a nightmare situation that disrupted the supply chain, caused labor shortages, and halted construction across the country.
Now experts say the real estate market is recovering despite the pressure of rising inflation. Construction projects have resumed in full force and there are many great opportunities for potential investors.
It’s a great time for anyone looking to get into the real estate market to invest in Tamil Nadu. But you can’t start the investment process until you understand RERA.
Don’t wait too long. You never know when the next global emergency will throw the real estate market back into a tailspin. Find out everything you need to know about RERA in Tamil Nadu right now.
RERA stands for Real Estate Regulatory Authority. The RERA Act of 2016 is a real estate act that made it mandatory for each of the states in India to have its own registration authority.
The goal of the act was to regulate the real estate industry and level the playing field for home buyers, agents, and promoters. RERA provides a series of different services to each of these groups.
When the RERA Act passed approval, it led to the establishment of the Tamil Nadu Real Estate Regulatory Authority (TNRERA). The TNRERA has jurisdiction over Tamil Nadu, as well as the islands of Andaman and Nicobar.
The purpose of the TNRERA is to make real estate processes as transparent as possible. It makes real estate dealings, and transactions as efficient as possible. It also streamlines information delivery between parties.
The purpose of the Tamil Nadu RERA is to promote the rights of both developers and prospective homeowners. It aims to create accountability and responsibility by increasing transparency in the real estate market.
RERA has established a more beneficial setting for real estate investment all around by encouraging the efficient execution of construction projects. It has done this by standardizing real estate development and construction processes.
There are certain types of projects that require RERA registration in Tamil Nadu. These project types include any projects to occur on land that is larger than 500 square meters.
RERA registration applies to both residential real estate plots and commercial real estate properties.
Projects that involve eight or more apartments also required RERA registration. Finally, it is necessary to register any ongoing project for which neither an occupancy certificate nor a completion certificate has been issued.
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