It seems that the Tamil Nadu Real Estate Regulatory Authority (TN RERA) is all set to regulate the real estate sector of the state. In its latest verdict, the TN RERA penalized two developers with a whopping fine of Rs. 1 lakh for failing to register their ongoing projects with the authority.
The verdict took place after a group of home buyers complained TN RERA about the delay in giving the possession of the project by two realty firms, Marg Constructions and Marg Properties. According to the buyers, the developers have failed to complete the project even after four years of actual possession time. The authority released a notice to the company asking them to appear before the TN RERA.
Following the probe, the authority found that the realty firms have failed to register their projects by 31st July, the deadline.
The probe is on and we will make sure that no ongoing projects remain unregistered. The authority will pick up more violators in the near future and will do the necessary to bring them under the ambit of RERA, said an official.
Apparently, TN RERA has received almost 100 complaints from aggrieved buyers and will consider each of these to checkmate the defaulters.
According to the RERA Tamil Nadu rules, it is mandatory for the developers to register their ongoing projects (as defined in the TN RERA notification) and real estate agents to register themselves with the said realty authority.
Additionally, the buyers can lodge a complaint with the RERA Tamil Nadu by visiting the office of Tamil Nadu Real Estate Regulatory Authority (TN RERA), on the 3rd floor of CMDA building, Thalamuthu-Natarajan Maaligai, No.1, Gandhi Irwin Road, Egmore, Chennai – 600 008.
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