RERA approved projects in Coimbatore

What is RERA?

The Real Estate (Regulation and Development) Act, commonly known as RERA, was enacted in 2016 by the Indian government to regulate the real estate sector. The primary objective of RERA is to promote transparency, ensure the timely deliver RERA approved projects in Coimbatore, protect consumer rights, and provide a clear framework for real estate transactions.

RERA mandates that developers must register their projects with the regulatory authority before selling or advertising any properties. This has significantly improved the overall credibility of real estate projects, ensuring that buyers have access to complete and accurate information about projects.

RERA Details: The Key Features

1. Project Registration: Developers must register all residential real estate projects with RERA before advertising or selling. This ensures that only verified projects are marketed.
2. Project Delays: Developers are obligated to complete projects on time, and if delayed, they must compensate buyers. This provision protects buyers from unanticipated delays and ensures accountability.
3. Transparency: RERA requires developers to submit project details including land title, approvals, timeline, and project plan to the authorities. These details must be made available to the buyers on the official website.
4. Defects Liability: Developers are responsible for fixing any structural defects or poor construction quality for up to five years from the possession date. If any defects occur, the developer is liable to repair them at no cost to the buyer.
5. Escrow Account: Developers are required to deposit 70% of the funds collected from buyers into an escrow account, which is used exclusively for the construction of the project. This reduces the chances of fund mismanagement and ensures the project progresses as planned.
6. Advocate for Buyers: RERA has established consumer forums where homebuyers can voice their grievances regarding builders, delays, defective construction, or unfair practices.

RERA Approval Date: The Timeline

The Real Estate (Regulation and Development) Act came into effect on May 1, 2017, and the Tamil Nadu RERA authority began approving projects shortly thereafter. For projects in Coimbatore, developers must register with the Tamil Nadu Real Estate Regulatory Authority (TNRERA). It is important to check the RERA registration number and approval date for each project, as this assures buyers of the legal standing of the project.

• Developers must submit all necessary documents before obtaining approval, which includes land titles, clearances, and a project completion schedule.
• The approval date on a RERA-approved project indicates when it was officially registered, and this serves as a reference for buyers in case of any future disputes.

RERA Procedures and Rules: A Step-by-Step Guide

1. Registration of Project: The developer submits the required documents online to the respective RERA authority (in this case, TNRERA) for approval. These documents include:
   • Project plan and layout
   • Proof of legal ownership of the land
   • Approvals from local authorities
   • Timeline for completion and possession
   The developer must also pay a registration fee based on the project size.
2. Project Approval: Once the application is reviewed, the RERA authority verifies the documents and either approves or rejects the application. If the project meets all the necessary conditions, the authority issues a unique RERA registration number for the project.
3. Advertisement and Sale: The developer can only advertise or sell the property once the project is RERA approved. Advertising a non-registered project is illegal, and any violations can lead to penalties.
4. Updates on Progress: Developers are required to provide regular updates on project status and the completion timeline. Any changes, such as a delay in possession or structural changes, must be communicated to buyers.
5. Buyer Protection: If there are delays in delivery, the developer must compensate the buyers for the delay. Buyers can also file complaints with RERA if the developer is non-compliant with the terms of the agreement.
6. Defects Liability: As per RERA guidelines, the developer is responsible for fixing any defects reported within five years after possession.

RERA-Approved Projects in Coimbatore

Many developers in Coimbatore are now adhering to RERA rules, ensuring transparency and buyer protection. RERA-approved projects provide assurance regarding the project’s authenticity and reduce the chances of fraudulent dealings. Some popular RERA-approved projects in Coimbatore include:

1. Zetta Gardenia by Raarya Groups
2. Sri Ram Garden by Sri Ram Properties
3. Vijai park by Raarya Groups
4. Akshaya Gardens by Akshaya Builders

Buyers should always verify the RERA registration number of the project they are interested in through the official TNRERA website to ensure they are investing in a legally compliant project.

Conclusion

RERA approved projects in Coimbatore is crucial or anywhere in India. It ensures that the developer has met all legal requirements, that the project is legitimate, and that the buyer’s rights are protected. When you buy a RERA-approved property, you can have peace of mind that the project is transparent, trustworthy, and adheres to all regulatory standards.

Always check the RERA registration number of any project and ensure it is listed on the official RERA website. By doing so, you safeguard your investment and avoid any potential issues with the property in the future.