RERA Compliance in Coimbatore: The Real Estate Regulatory Authority (RERA) was established to promote transparency, accountability, and efficiency in the real estate sector. Coimbatore, a thriving real estate hub in Tamil Nadu, has seen significant growth in both residential and commercial projects, making RERA compliance crucial for buyers and developers alike.
What is RERA?
RERA, established under the Real Estate (Regulation and Development) Act of 2016, aims to regulate and streamline real estate transactions. It ensures that projects are registered, disputes are resolved swiftly, and all stakeholders are protected.
Importance of RERA in Coimbatore
As a growing city, Coimbatore attracts homebuyers and investors with its strategic location, educational institutions, and industrial growth. RERA compliance ensures that all transactions are fair and projects are completed as promised, fostering trust between developers and buyers.
Key Features of RERA Compliance in Coimbatore
- Project Registration:
Developers must register their projects with Tamil Nadu RERA (TNRERA) before advertising or selling. This applies to all projects with over 500 square meters of development area or more than eight units. - Transparency in Transactions:
- Developers must disclose complete project details, including plans, layout, and approvals, on the RERA portal.
- Any changes to the project require buyer consent and updated documentation.
- Timely Delivery:. Delays can result in penalties or compensation to buyers.
- Standardized Agreements:
The sale agreements follow a standard format to prevent unfair terms and ensure equitable rights for both parties. - Grievance Redressal:
Buyers and developers can approach the TNRERA tribunal for quick dispute resolution. This ensures justice without prolonged legal battles.
Benefits of RERA for Homebuyers
- Advance Payment Cap: Developers cannot collect more than 10% of the property cost as an advance before signing a sale agreement.
- Assured Quality: Developers must rectify any structural defects reported by buyers within five years of possession.
RERA’s Impact on Coimbatore’s Real Estate Market
The implementation of RERA in Coimbatore has transformed the real estate landscape by:
- Building trust among buyers.
- Encouraging ethical practices among developers.
- Attracting investments due to enhanced transparency.
more details visit RERA Goverment Website