Impact of Real Estate price after RERA in Chennai
With the notification of the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017, the residential real estate sector in the state is all set to experience a huge change. The Real Estate (Regulation and Development) Act (RERA) is likely to produce a level playing field for the developers, better transparency and accountability, timely delivery of projects and greater absorption rates, accompanied by an increase in consumer confidence. On the other hand, compliance can be a challenge for developers and promoters in the beginning, as it requires all construction approvals before registration. New Residential Projects in Chennai Moreover.......... !! promoters are legally bound and liable, with either imprisonment up to three years or compensation of up to 10 per cent of the total project cost, in case of failure in compliance or violations in land title, scheduled completion and maintenance of the project. Hence, the developers should be very careful about giving