{"id":1,"date":"2025-12-25T05:28:35","date_gmt":"2025-12-25T05:28:35","guid":{"rendered":"https:\/\/dev.opendesignsin.com\/iyra-wp\/?p=1"},"modified":"2026-02-19T14:57:23","modified_gmt":"2026-02-19T14:57:23","slug":"about-rera","status":"publish","type":"post","link":"https:\/\/dev.opendesignsin.com\/iyra-wp\/about-rera\/","title":{"rendered":"About RERA"},"content":{"rendered":"
<\/span><\/div>

The real estate sector has been seeing tremendous growth over the last two decades. But
\nmost of the sector has been unregulated in terms of consumer protection. Most of the
\nexisting laws for consumer protection were only curative and not preventive. There was a
\ndistinct lack of professionalism with no scope for standardisation across the country.
\nThese factors have had a negative effect on the sector and affected the overall potential
\ngrowth of real estate in India.<\/p>\n

Following the Government of India\u2019s notification of the Real Estate (Regulation and
\nDevelopment) Act, 2016, the Tamil Nadu Government had established the RERA (Real
\nEstate Regulatory Authority) and the Appellate Tribunal in June,2017.
\nLet\u2019s see how RERA has proved to be a significant legislation that brought about several
\nchanges in the real estate sector.<\/p>\n

Objectives of RERA<\/strong>
\nThe primary purpose of RERA is to monitor and adjudicate disputes in real estate projects
\nand to frame rules under the Real Estate (Regulation and Development) Act.<\/p>\n

RERA is tasked with achieving the following objectives:<\/p>\n

    \n
  • ensuring accountability towards allottees<\/li>\n
  • infusing transparency, and introducing fair-play to reduce frauds and delays.<\/li>\n
  • introducing standardisation in the real estate sector across India<\/li>\n
  • imposing responsibilities on both promoters and allottees<\/li>\n
  • establishing a regulatory mechanism to enforce contracts<\/li>\n
  • making sure that disputes are fast-tracked<\/li>\n
  • promoting good governance in the real estate sector.<\/li>\n<\/ul>\n

    Responsibilities of RERA<\/strong><\/p>\n

      \n
    • RERA is responsible for the registration of a real estate project and the real estate
      \nagent.<\/li>\n
    • It can grant extension of registration, renewal of registration and it also has the power
      \nof revocation.<\/li>\n<\/ul>\n

      RERA maintains a website for public to provide information on:<\/strong><\/p>\n

        \n
      • All projects that are registered with RERA, and details of the projects<\/li>\n
      • Information about the promoters including their photographs<\/li>\n
      • Appointment of an adjudicating officer who is a current or former District Judge.<\/li>\n
      • Any appeals from the orders or decisions of RERA or the adjudicating officer are
        \nheard by the Appellate Tribunal.<\/li>\n<\/ul>\n

        Accordingly, it has become mandatory for all real estate projects and real estate agents to be
        \nregistered with RERA, in order to make a sale. The exceptions to this rule are<\/p>\n

          \n
        • projects where the land area is less than 500 sq.metres or<\/li>\n
        • projects where the number of developed apartments is less than 8.<\/li>\n<\/ul>\n

          After registration is done, a unique RERA registration number will be provided for each
          \nproject. Whenever a developer invites investment, advertises, or offers booking or sale of
          \nany apartment in a project, they have to mention this unique registration number.<\/p>\n

          A real estate promoter must upload all relevant details of the project on the RERA website.
          \nThese include:<\/p>\n

            \n
          • Details of registration<\/li>\n
          • Types of apartments or plots<\/li>\n
          • List of approvals<\/li>\n<\/ul>\n

            It is important to note that both the promoter and the buyer have to pay equal rates of
            \ninterest when there is any default from their side.<\/p>\n

            RERA address<\/strong>
            \n1 A, First floor, Gandhi Irwin Bridge Road, Egmore, Chennai \u2013 600008<\/p>\n

            RERA Office hours
            \n10:00 am to 5:45 pm on all working days<\/p>\n

            Some of the key provisions of RERA are:
            \nReduced risk of insolvency
            \nA real estate developer or firm must maintain a separate account for each of their projects.
            \nAt least 70% of the money received from buyers will have to be maintained in this account
            \nand this amount can be used only for the completion of this particular project.
            \nThis ensures that developers do not divert funds from an existing project to new projects or
            \nfor other purposes. This rule has greatly reduced the risk of a builder or developer declaring
            \ninsolvency and avoiding any liability.<\/p>\n

            Transparency and accountability<\/strong>
            \nBuilders must submit the original plans that were approved by RERA, including any
            \nalteration that they make at a later date. Any minor modification can be made only after the
            \napproval of the competent authority and all such alterations must be disclosed to the buyers.
            \nThey must keep the buyers informed with regular updates about the progress of the project.
            \nThe promoters or developers are responsible for the veracity of all the information that are
            \ncontained in the advertisements for the project or in the prospectus.<\/p>\n

            Standardised carpet area<\/strong>
            \nEarlier, there was no standard method of calculating the carpet area, and each builder had
            \ntheir own formula to arrive at the carpet area. RERA has given a precise definition of carpet
            \narea to avoid discrepancies among various builders. This has helped home buyers in a big
            \nway as the cost of a property is usually calculated based on the carpet area.<\/p>\n

            Rights of buyers<\/strong>
            \nRERA also ensures that buyers are protected from poor quality of apartments. Buyers can
            \ncomplain to RERA about any structural defect for a period of 5 years from the date of
            \npossession. In such cases, the developer is required to correct the same within 30 days.
            \nIn case of delay in delivery, the developer will have to refund the entire amount paid by the
            \nbuyer along with the agreed-upon interest rate.<\/p>\n

            If the buyer decides not to receive the money, they will have to be paid interest on the
            \namount each month till the actual delivery date.<\/p>\n

            A buyer need not pay more than 10% of a property\u2019s cost as an advance payment or
            \nbooking amount, before finalising a sale agreement.<\/p>\n

            Appellate Tribunal<\/strong>
            \nIt is a quasi-judicial body that is empowered to hear appeals from the RERA. Any appeal that
            \ncomes before this body should be heard and disposed of within 60 days of being filed.
            \nIf a promoter does not comply with the orders of the Appellate Tribunal, they are liable to pay
            \na penalty for every day of default. This could extend up to 10% of the estimated cost of the
            \nreal estate project.<\/p>\n

            Real estate sector<\/strong>
            \nBefore we conclude that RERA is a one-sided authority that is in favour of home buyers only,
            \nwe should realise that it has greatly benefitted the real estate sector.
            \nThe implementation of RERA has boosted consumer confidence and given a massive boost
            \nto the real estate sector.
            \nBuilders who comply with the provisions of RERA are more likely to attract home buyers,
            \nespecially first-time buyers. This leads to a natural increase in demand for real estate.
            \nOverall, RERA has been a useful legislation that has brought about positive changes in the
            \nreal estate sector across India.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":1824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-1","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"\nAbout RERA - IYRA Properities<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"About RERA - IYRA Properities\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.opendesignsin.com\/iyra-wp\/about-rera\/\" \/>\n<meta property=\"og:site_name\" content=\"IYRA Properities\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-25T05:28:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-19T14:57:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dev.opendesignsin.com\/iyra-wp\/wp-content\/uploads\/2025\/12\/Rera-in-Tamilnadu.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adminiyra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adminiyra\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/about-rera\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/about-rera\\\/\"},\"author\":{\"name\":\"Adminiyra\",\"@id\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/#\\\/schema\\\/person\\\/672d68a73310fd3a9e3fed0c7f1a2b42\"},\"headline\":\"About RERA\",\"datePublished\":\"2025-12-25T05:28:35+00:00\",\"dateModified\":\"2026-02-19T14:57:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/about-rera\\\/\"},\"wordCount\":1634,\"commentCount\":1,\"image\":{\"@id\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/about-rera\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/wp-content\\\/uploads\\\/2025\\\/12\\\/Rera-in-Tamilnadu.jpg\",\"articleSection\":[\"blog\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/about-rera\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/about-rera\\\/\",\"url\":\"https:\\\/\\\/dev.opendesignsin.com\\\/iyra-wp\\\/about-rera\\\/\",\"name\":\"About RERA - 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