Keeping up with the newest changes and regulations in the dynamic Chennai Real Estate market is essential. The Real Estate (Regulation and Development) Act is vital for homebuyers and investors to understand.
Changes in the real estate market are noticeable all over India, especially in Chennai Real Estate. This blog will explain what RERA-authorized projects are, discuss the RERA guidelines in Chennai, and provide in-depth analyses of the five best RERA-approved projects in the city.
What Are RERA Approved Projects?
The Real Estate Regulation and Development (RERA) Act was passed to improve the real estate industry in India by increasing its openness, accountability, and productivity. Before advertising, marketing, or selling any property, RERA requires real estate developers to register their projects with the regulatory authorities and acquire RERA clearance.
If a project has received RERA certification, it complies with all applicable laws and financial requirements, providing peace of mind to prospective buyers. A certified RERA project assures investors that the developer will complete the project as promised and on schedule.
What Are The RERA Regulations In Chennai?
As one of India’s most populous cities, Chennai abides by the national RERA criteria with certain local modifications. Important Chennai-specific RERA guidelines include:
- If builders in Chennai want RERA certification, they must register their projects with the Tamil Nadu Real Estate Regulatory Authority (TNRERA). It involves comprehensively describing the project, along with budgets and schedules.
- Developers must keep the public apprised of the project’s status via updates posted on the TNRERA website. Buyers benefit from this openness since they may monitor the development of their investments.
- A sizable portion of the money collected from customers must be deposited in a segregated bank account to develop the registered project. It ensures the correct usage of the money deposited by the public.
- RERA in Chennai additionally emphasizes the notion of defect liability to ensure that developers are held liable for any structural problems or shoddy craftsmanship in a project for five years following the date of possession.
- Before entering a purchase agreement, developers cannot request more than 10% of the property’s total purchase price as a down payment. Buyers are protected against dishonest sellers thanks to this clause.
The Best Five Projects In Chennai With RERA Approval
Having discussed what RERA is and how it works in Chennai, we can now examine some of the best RERA-approved developments in the area. These are among the best options to invest in the real estate field in Chennai, with many other advantages.
#1 Casagrand Supremus (Thalambur)
- Developer: Casagrand Builders
- RERA Registration Number: TN/01/Building/0045/2017
- The apartments at Casagrand Supremus are all beautifully crafted, and the complex is well-known for its luxurious features, making it a great option for families.
#2 Prestige Courtyards (Sholinganallur)
- Developer: Prestige Group
- RERA Registration Number: TN/29/Building/0323/2017
- The apartments in Prestige Courtyards are among the largest and most well-appointed in the area. It is in the convenient Sholinganallur neighborhood.
#3 Radiance Sapphire (Perumbakkam)
- Developer: Radiance Realty
- RERA Registration Number: TN/01/Building/0076/2017
- Modern aesthetics and sturdy building practices make Radiance Sapphire desirable for affluent homebuyers.
#4 TVS Emerald Green Enclave (Kolapakkam)
- Developer: TVS Emerald
- RERA Registration Number: TN/01/Building/0065/2017
- The tranquil atmosphere created by the project’s natural setting, well-planned layout, and cutting-edge conveniences has earned it widespread acclaim.
#5 Casagrand Elita (Padur)
- Developer: Casagrand Builders
- RERA Registration Number: TN/01/Building/0047/2017
- Apartments at CasaGrand Elita are large and thoughtfully laid out, and their central location provides easy access to all Chennai has to offer.
Conclusion
Buyers and investors in Chennai’s ever-changing real estate market need to know what projects have been approved by the Real Estate Regulatory Authority of India (RERA). These developments provide openness, responsibility, and confidence that your money will be safe and your house will be built as planned.
Home4us is your reliable guide to discovering the ideal RERA-approved house in the real estate market. Our website features detailed listings, professional guidance, and market analysis to simplify your property search. We are here to help you navigate the world of RERA-certified projects in Chennai, whether you’re a first-time buyer or a seasoned investor. Have fun looking for a home!