Realty act to include condition on five unit buildings in Tamil Nadu

Realty act to include condition on five unit buildings in Tamil Nadu

Realty act to include condition on five unit buildings in Tamil Nadu

Opening Gambit The Tamil Nadu Government has set apace move to cover more housing projects within the jurisdiction of the Real Estate (Regulation and Development) Act (RERA) by bringing down the quantity of units covered in the grand Act. When the fundamental act covers projects with nine or more units, those with five or more units constructed beyond an area of 500 square meters would be governed by RERA in the State. For latest Chennai real estate news and updates, follow plots at bangalore . Rationale Official sources familiar with the development informed that this step is being contemplated as generally buildings having five or more units are mostly targeted for commercial use such as sale. The Officials averred that projects having four units with plot area up to 500 sq. mtrs meant for self-occupation. This move is ostensibly being contemplated as it would bring in answerability, clearness and effectiveness.  All such covered projects would require obtaining registration with the regulatory authority and promoters would be required to deposit 70% of the funds collected from buyers in a separate bank account, as per RERA, and the sane should be utilized only for the thus registered project. For latest Real Estate News, visit sarjapura plots plots in bangalore Current Status It is already known that Tamil Nadu Government had in January released the draft Tamil Nadu Real Estate (Regulation and Development) Rules, 2016, for public vetting. But till date the final version of the Rules has not been notified due to the preoccupation of the State Cabinet with several pressing issues. However, the Cabinet is expected to take up the matter in a matter of days. Visit buy plots in bangalore for latest Tamilnadu Real Estate News updates.