Chennai, the capital city of Tamil Nadu, has long been recognised as a significant real estate market in India, driven by its robust economic growth and a thriving IT sector. The city's strategic location on the Coromandel Coast, coupled with its rich cultural heritage, has attracted both residential and commercial developers, making it a bustling hub for property investment. As Chennai's skyline expands, the need for regulation in the real estate sector becomes more pronounced, ensuring transparency and safeguarding the interests of home buyers.
RERA, the Real Estate (Regulation and Development) Act, has spurred considerable transformations in Chennai’s real estate realm. Aimed at improving transparency, accountability, and operational efficiency, RERA offers benefits to buyers and developers alike. By ensuring strict compliance with project schedules and quality criteria, along with accessible home loan solutions such as those provided by Bajaj Housing Finance, potential homeowners can confidently manoeuvre the market, enabling them to make informed choices to achieve their homeownership aspirations.
What is RERA in Chennai?
The Real Estate (Regulation and Development) Act, 2016, widely known as RERA, is a transformative legislative act introduced to ensure transparency and promote fair practices within the real estate sector in India, including Chennai. RERA's primary objectives in Chennai are to protect homebuyers' interests, enhance transparency in real estate transactions, and ensure timely delivery of projects. The Tamil Nadu Real Estate Regulatory Authority (TNRERA) is the governing body responsible for implementing RERA in Chennai. The benefits of RERA in Chennai include reducing the risk of builder insolvency, safeguarding buyer interests by enforcing accountability, and establishing a fast-track dispute resolution mechanism.
What is the function of RERA in Chennai?
The functions of RERA in Chennai are extensive and pivotal for maintaining the health of the real estate sector:
- Project registration: Ensuring all commercial and residential real estate projects are registered under RERA before they are marketed.
- Transparency enhancement: Requiring developers to provide comprehensive details about the projects, including plans, execution status, and financial details, which are made accessible to the public.
- Dispute resolution: Offering an effective mechanism for addressing grievances between developers and buyers, promoting fair and just outcomes.
RERA in Chennai: how can you access approved projects list?
To access the list of RERA-approved projects in Chennai, follow these steps:
- Visit the official website of the Tamil Nadu Real Estate Regulatory Authority (TNRERA).
- On the homepage, navigate to the 'Registered Projects' section.
- Select 'Chennai' from the dropdown menu to filter projects specific to the region.
- Browse through the list of projects that have been approved and registered under RERA.
- Click on any project to view detailed information, including registration status, project details, and developer credentials.
What are the rules and regulations of the RERA Act in Chennai?
The rules and regulations under the RERA Act in Chennai are designed to ensure transparency and accountability in the real estate sector:
- Complete disclosure: Developers must disclose all relevant details about their projects on the TNRERA website, including layout plans, approvals, and land status.
- Regulation of funds: Developers are required to deposit 70% of the funds collected from buyers into a separate escrow account to ensure that these funds are used for the construction of the project only.
- Compliance and penalties: Strict penalties are imposed for non-compliance with RERA regulations, ranging from financial penalties to imprisonment for severe violations.
How can you register with RERA Act in Chennai?
To register a project with RERA in Chennai, developers need to follow these steps:
- Gather all required documentation, including land title proof, project plans approved by the municipal authority, and details of the development team.
- Fill out the RERA registration form available on the TNRERA website.
- Submit the application along with the necessary documents and the registration fee.
- Once the application is verified and approved, a RERA registration number will be issued for the project.
What are the fees and charges of RERA in Chennai?
The registration fees and charges under RERA in Chennai are as follows:
| Entity/Project Type | Registration Charges |
| Individual real estate agents | Rs. 25,000 |
| Real estate partnership firm | Rs. 50,000 |
| Residential projects | Rs. 10 per sq. m. of FSI area |
| Commercial projects | Rs. 50 per sq. m. of FSI area |
RERA has transformed Chennai’s real estate scene by boosting transparency, accountability, and consumer protection. Familiarising yourself with the city's RERA regulations and using financial resources like the Bajaj Housing Finance Home Loan enables you to navigate the property market with confidence, ensuring informed and wise decisions.
Why choose Bajaj Housing Finance Home Loan in Chennai?
Bajaj Housing Finance Home Loan offers personalised financial solutions designed to meet the unique needs of prospective homebuyers in Chennai. Here’s why Bajaj Finance is a great choice:
- Competitive interest rates: Benefit from attractive interest rates starting from as low as 7.99%* p.a., facilitating manageable monthly EMIs.
- Flexible repayment options: Tailor your repayment schedule up to 32 years to better manage your finances.
- Top-up loan for extra requirements: Access additional funds for home improvements with minimal paperwork and competitive rates, enhancing both the functionality and appeal of your property.
- Efficient application process: Streamline your loan application online with quick approval times, typically within 48 Hours* after document verification.
Choosing Bajaj Finance for your home loan in Chennai not only provides access to flexible, cost-effective financing options but also ensures a transparent and supportive process that helps you achieve your dream of owning a home.
