RERA Act: Meaning, Benefits, and Step-by-Step Online Verification

Buying a home is one of life’s biggest financial and emotional decisions. Whether you are purchasing your very first apartment or adding to your investment portfolio, having clarity, security, and legal safeguards is essential.

In India, these protections are provided under the Real Estate (Regulation and Development) Act, 2016, widely known as RERA. For buyers in Chennai, understanding how RERA works can make the difference between a smooth purchase and a stressful one.

What is RERA and Why Was It Introduced?

The Real Estate (Regulation and Development) Act, 2016 was enacted to address common challenges buyers faced for decades — project delays, misleading information, and disputes around handover timelines.

Core Objectives of RERA:

• Bring greater transparency in project details.
• Safeguard the rights of homebuyers.
• Ensure timely completion of projects.
• Provide a dedicated authority for resolving disputes.

For Tamil Nadu, including Chennai, this is overseen by TNRERA (Tamil Nadu Real Estate Regulatory Authority).

Key Benefits of RERA for Homebuyers

RERA has changed the way developers operate, creating a buyer-centric real estate ecosystem.

a. On-time Delivery Developers must complete projects as per committed timelines. Any delay attracts penalties payable to the buyer.

b. Clear and Verified Information All approvals, layouts, carpet area details, and completion schedules must be registered and displayed on the RERA portal.

c. Financial Security At least 70% of buyer collections must be deposited in a dedicated project bank account, ensuring funds aren’t diverted elsewhere.

d. Standardised Carpet Area Homes must be sold based on carpet area (usable space), eliminating inflated super built-up claims.

e. Quick Dispute Resolution Buyers can lodge complaints directly with the authority, leading to faster, legally binding decisions.

By keeping these points in mind, you can confidently invest in a property that suits your needs and secures your future.

How to Verify if a Project is RERA-Registered

Before booking any property in Chennai:

• Visit the official TNRERA website.
• Search using the project name or developer.
• Cross-check details such as registration number, approved plans, and completion timelines.

If a project is missing from the portal, it could mean it is not yet registered — a major red flag

Buyer Rights Under RERA

Every registered project brings with it enforceable rights for buyers:

• Right to Information – Full access to project approvals and details.
• Right to Timely Possession – Compensation for delays.
• Right to Quality – Any structural or workmanship defects within 5 years must be fixed at no cost.
• Right to Refund – Complete refund with interest if the developer fails to honour commitments.

Penalties for Developer Non-Compliance

RERA enforces strict consequences for violations:

• Up to 10% of the project cost for providing false details.
• Up to 5% of the project cost for general violations.
• In extreme cases, imprisonment of up to 3 years.

This framework ensures only credible developers stay in the market.

Why RERA Matters for Buyers in Chennai

Since the establishment of TNRERA, Chennai’s property market has become far more organised. Buyers now enjoy:

• Verified approvals and layouts.
• Transparent pricing with no hidden costs.
• Confidence in delivery schedules.

For redevelopment projects too, RERA has given apartment owners stronger negotiation power when dealing with builders.

RAMS Real Estates – Our Promise of Compliance

At RAMS Real Estates, we take pride in complete RERA compliance across every project. Our commitment includes:

• 100% project registration with TNRERA.
• Transparent documentation and agreements.
• Regular project updates to homeowners.
• Firm adherence to promised delivery timelines.

For us, it’s not just about constructing homes — it’s about building lasting trust.