Tamil Nadu mandate registration of agents engaged in the realty sector Under RERA

Developers failing to deliver housing projects punctually may land in jail as per the draft rules for the true estate act released by the state government on Saturday. The act was passed by the central government in March 2016 and it was left to the state governments to frame rules under it.

The Tamil Nadu Real Estate (Regulation and Development) Rules, 2016, create for public comments, also mandate registration of agents engaged in the realty sector.But, the principles don't address the vital dilemma of according single window approval for buildings, which developers  in Chennai opine could be an impediment in the successful implementation of the pro-consumer act in one of many country's largest urbanised states.

Welcoming the draft, Con federation of Real Estate Developers'Associations of India (Credai) Chennai president Suresh Krishn said there was not much difference between the state draft rules and the central draft rules for the act."However, the draft rules haven't addressed the single window clearance approvals for housing projects in Chennai, which is needed for the successful implementation of the act.

As per the draft rules, home buyers will get full refund whenever you want "if the builder hasn't followed enough time schedule ".Additionally, it says developers must refund the client within 45 days once he doesn't adhere to enough time schedule. The draft rules offers constitution of a real estate authority and an appellate tribunal before which aggrieved consumers can represent their grievances.



Builders also needs to register their projects with the authority detailing all aspects of the project. The authority may also have an exclusive website, where profile and track record of promoters and litigations over their real estate  in Chennai projects will be uploaded. In accordance with government sources, public can send their comments on the draft rules within 21days. 

"The rules is going to be notified after getting passed in the assembly ," an official told TOI, adding that "it's unlikely that the draft rules is going to be introduced in the ongoing session." The rules also state that promoter must pay a rate of interest of 2% as well as the RBI's repo rate (the rate at which the central bank lends money to banks).