Real Estate
This move comes as a much-needed safeguard for house-buyers who have to suffer for years because of builders lagging behind on deadlines.

If you are planning to buy a new flat in Chennai, there is good news. Builders, while advertising for their housing projects, will now have to declare when the project will be completed. According to the Tamil Nadu government, housing projects completed before the implementation of the Real Estate Regulation Act will now have to provide details of the completion certificate or applications made to the planning authorities. 

The Times of India reported that the state government approved the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017 on June 22 to carry out the provisions of Real Estate (Regulation and Development) Act 2016.

Now, the builders and developers will also have to mention the registration number of Tamil Nadu Real Estate Regulatory Authority. 

On Thursday, Tamil Nadu government notified the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017.  According to it, all real estate projects and real estate agents have to register with RERA, if they are into development and sale of any project having development or built up area of 500 sq.m or where the number of units exceeds eight, reported The Hindu.

This move comes as a much-needed safeguard for house-buyers who have to suffer for years because of builders lagging behind on deadlines. 

In 2016, about 4,000 customers, who had invested in infrastructure company Marg ProperTies, were left in a lurch as their four projects Swarnabhoomi, Brindavan and Savithanjali projects in Chennai and Kancheepuram districts were delayed for three years.

According to many, who bought houses in these properties, all the three apartment complexes were supposed to have been handed over in 2013. Buyers said that the company sold properties even before they had environmental clearances and were also demanding more money from them claiming construction prices had gone up. Various FIRs had been filed by individual buyers and associations, but the police are yet to take action.

In another case, about 120 people, who bought apartments in a project built by Evocon Private Limited in Tambaram, had alleged that the construction was stopped from October 2015. The home buyers had claimed that most of them had already paid 85% of the total cost of construction for their apartments. Now, they are being told that the work will start by August 16, 2017.