MADURAI: Homebuyers often face challenges due to a lack of information when purchasing properties. However, with the implementation of the Real Estate (Regulation and Development) Act (RERA), buyers can now easily verify project details through the official website, according to Shiv Das Meena, chairman of the Tamil Nadu Real Estate Regulatory Authority (TNRERA).
Speaking at an awareness program on Saturday, Meena introduced an explanatory manual on RERA regulations, emphasizing the Act’s role in promoting transparency, accountability, and credibility in the real estate sector. He noted that RERA has revolutionized the home buying process in the state by establishing a safer and more reliable investment environment.
Meena stated that both homebuyers and developers hold equal responsibilities under the Act. In instances of disputes, RERA provides a structured and swift grievance redressal mechanism, enhancing accessibility and efficiency for all parties involved.
The awareness session also addressed procedures for registering building and plot sale schemes, the obligations of developers to uphold commitments made to buyers, guidelines for extending project validity, advertising regulations, and compliance demands from planning authorities and local bodies. Participants were also informed about penalties for violating the Act.
S. R. Muthivjayan, President of CREDAI Madurai, highlighted the event as a vital resource that fosters understanding and encourages adherence to the regulatory framework.
Over 150 members from CREDAI Madurai, the Builders Association of India, and FAIRA attended the event.
