To enhance professionalism and infuse transparency in the real estate sector of the state, the Tamil Nadu government has implemented the Real Estate (Regulation & development) Act , RERA last week. Citing the need for a regulatory authority for the real estate sector, the state has notified the rules for the RERA based on the directives of the Central Government.
As per the RERA Tamil Nadu notification , CMA projects for which completion certificate has been applied will not come under the ambit of the RERA. It also states that all on-going real estate and housing projects will come under the radar of the RERA excluding those that have applied for the completion certificate or have already got the same.
The Central government notified the Real Estate (Regulation & development) Act on 1st May 2016 to regulate the Indian estate sector and make it more reliable.
As our project has already been completed but since on few flats has not been sold out & is it necessary to open new Bank A/c for Rera? Plz let us know as early as possible.