Tamil Nadu Real Estate Regulatory Authority (TNRERA) has asked real estate companies to mention the registration number while releasing advertisement s in the media among other measures in a circular released recently.
The authority has said that while releasing advertisements in any media, RERA registration number should be mentioned prominently. Tamil Nadu RERA website address also has to be mentioned and no disclaimer clause should be mentioned as the 'information is subject to change.'
The circular was issued after discussions between the Chairperson of Tamil Nadu Real Estate Appellate Tribunal (TNREAT) and Tamil Nadu Real Estate Regulatory Authority (TNRERA) on November 15, 2018, with CREDAI (Chennai) and Builders Association of India.
It was stated that in case the Completion Certificate was applied prior to June 22, 2017, and rejected, the promoters of such projects would have to apply for RERA registration.
The authority has mandated that TNRERA registration number be put on display boards installed at the site and all regularised layouts with unsold plots apply for RERA registration. The quarterly progress of the registered projects needs to be given to the authority in CD format, the circular said.
K Vaitheeswaran, Advocate & Tax Consultant said the compliance of RERA provisions is a step in the right direction. RERA will ensure transparency and clarity and will also benefit organized developers in the field, he added.
The authority also said that the promoter should get the accounts relating to the escrow account audited within six months after the end of every fiscal by a CA.
"Transfer of bank account of the registered project has to be done only with the consent of the Authority," said the Principal Secretary to Government and Chairperson of TNRERA.