All real estate projects, agents and building owners have to register their properties with the Real Estate Regulatory Authority (RERA), functioning under the housing and urban development department if they are involved in development and sale of any property or real estate projects. According to the new ruling, the concerned building owners and real estate owners are asked to register their properties as per Tamil Nadu government's Real Estate (Regulation and Development) Rules, 2017, or face either imprisonment or penalty. The rules have been notified in pursuance of the Real Estate (Regulation and Development) Act, 2016, district collector K Rajamani said in a release.No one should involve in development and sale of any building or real estate project having development or built-up area of 500sqm or where the number of units exceeds eight, without registering with RERA.
The developer of each project has to certify through an affidavit that he has 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, the release added.
If any registration had already been done before June 22, 2017, one has to duly apply for exemption with the concerned office. It is mandatory for all the agents working with real estates, the release further said.
Source- The Times of India
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