As per the new ruling, Tamil nadu governments’s Real Estate ( Regulation and Development ) rules 2017, it is now mandatory that all real estate projects owners and agents register their project to be developed or sold under RERA – Real Estate Regulatory Authority.
Any one involved in the development and sale of any building or real estate project having development or built-up area of 500 sqm or where the number of units exceeds eight, without registering with RERA, will be penalised with fine or imprisonment or both.
The developer of each project has to certify through an affidavit that he has acquired the land/property with clear legal title to the land on which the project is being developed free from all encumbrances and the period within which the project will be completed.
The building owners or promoters should mention their registration number got under RERA with their advertisements when they involve in any development and sale of that particular property. If any registration had already been done before June 22, 2017, one has to duly apply for exemption with the concerned office.