RERA Enters Tamil Nadu – Five Realtors Get Registration Numbers

RERA Enters Tamil Nadu – Five Realtors Get Registration Numbers

If you are planning to buy an apartment, this news is important for you. A realty watchdog, TNRERA (Tamil Nadu Real Estate Regulatory Authority) has started to enter its territory. With its entry, five real estate agents/firms have been registered with the body and are now getting their registration numbers. The government notified the Tamil Nadu Real Estate (Regulation & Department) Rules 2017 on June 22, and making it mandatory for property dealers and real estate agents to get registration numbers from TN-RERA. So, if you are buying a flat in Tamil Nadu, make sure the dealer is accredited under TNRERA beforehand, according to the officials. In both current and future real estate project, neither party can start a deal unless developer gets their project registered with the authority.

According to an official, “We have got up to 55 applications from real estate agents looking for registration so far. Five of them have got their registration numbers.” On TNRERA website, public may view all the information of agents, such as their names, registration numbers, and addresses. The validity of the registration lasts 5 years and agents have to renew their accreditation from time to time with the authority. TNRERA can revoke agent’s registration. Individual agents need to pay Rs. 25000 for registration and agencies need to pay Rs. 50000 for registration. According to an official, “All the agents offering sale or purchase of residential apartments and plots should be TNRERA registered. The authority will provide registration certificates to the selected applicants. The registration process is continuous without any deadline.”

Real estate agents have been brought on registration under the regulation of Real Estate (Regulation & Development) Act, 2016, which is notified by the centre for improved transparency in the widely unregulated sector, and to build an appellate tribunal to adjudicate and monitor the disputes based on project development. Both sellers and buyers can file complaints against registered agents with TNRERA for the discrepancies. Another official stated, “TNRERA will demand explanation from the concerned party after getting complaints.” The rules will mostly exempt the agents who don’t deal in property market on full time.