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With the notification of the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017, the residential real estate sector in the state is all set to experience a huge change. The Real Estate (Regulation and Development) Act (RERA) is likely to produce a level playing field for the developers, better transparency and accountability, timely delivery of projects and greater absorption rates, accompanied by an increase in consumer confidence. On the other hand, compliance can be a challenge for developers and promoters in the beginning, as it requires all construction approvals before registration.
Moreover, promoters are legally bound and liable, with either imprisonment up to three years or compensation of up to 10 per cent of the total project cost, in case of failure in compliance or violations in land title, scheduled completion and maintenance of the project. Hence, the developers should be very careful about giving correct estimates pertaining to their projects and the sale agreement.
“The need for a regulator in the Indian real estate business has been long awaited and RERA will essentially be the Indian realty watchdog. Chennai’s market will begin to witness positive sentiments and therefore, robust demand, post RERA. Potential investors in Chennai, who refrained themselves from investing in the real estate for want of transparency, will now have a choice before choosing and make intelligent decisions.

Tamil Nadu RERA: How it will impact the Developers

Shriram Code Kovil
Shriram Code Kovil

The holding cost for developers will increase and may result in an increase in prices, as it is obligatory for the developers to assure compliance of their ongoing and upcoming projects with stringent guidelines specified by the Act. However, considering the sluggishness in the residential market, after demonetization and announcement of the RERA, the pressure of increase in costs, is unlikely to be passed on to home buyers in the short run.
Chennai in addition has also recorded about 2,300 units of new launches in the first quarter of  2017, majorly contributed by reputed developers, whereas, small developers have adopted a wait-and-watch approach. The Developers are also paying greater attention to completing their existing projects and clearing their inventory. On thriving execution of the RERA Act the market is expected to witness exit/consolidation of small builders and fly-by-night developers, while the organized developers will make larger endeavors.

Projects that need to be registered under Tamil Nadu RERA

The key entities for getting registered under RERA include projects with a land area which is greater than 500 sq meters, has more than eight apartments inclusive of all phases and all ongoing projects where the occupancy certificate (OC) or completion certificate (CC) has not been received.
The Shriram Divine City project has been launched at the correct time now considering all the advantages the buyers will get because of this Act. This project is getting launched in Chennai and all those who have been holding on to buying a property can end their wait and invest on this affordable project now.

Blog Referral : New Residential Projects in Chennai

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