Understanding RERA and its Impact on Plot Developers.

1. Understanding RERA and its Impact on Plot Developers. Chennai as a bustling metro is exuding immense potential for growth in the real estate sector offering a plethora of options for those looking to buy plots in Chennai in the residential and commercial segments. Most buyers get carried away by the excellent location, striking property designs, and competitive prices. So, as much as they research on the reputation of the land promoters in Chennai, it is also wise to shortlist RERA approved plots in Chennai. Buying a property is a big milestone for most of us, and so are the risks involved therein. So, the buyer needs to ensure that the real estate promoters are RERA certified so that their investments do not fall into the wrong hands. This blog will brief the what and why of purchasing RERA approved plots. Know the basics of RERA. RERA (Real Estate Regulatory Authority) was established in March 2016 as a regulatory certificate, to monitor the land promoters in the Chennai market to ensure transparency and accountability in all their real estate dealings. These RERA approved projects will be certified with a unique registration number to avoid mishandling by the buyers or plot developers. The

2. act ensures that no developer, builder, or property dealer can book, sell, or advertise properties without a RERA certificate. The certificate will hold important property details like a copy of the title deed, financial statements, layout plans, and unique registration number. Further, to avoid any kind of malpractices & to protect the interest of the buyers, the RERA norms monitor the practices of the real estate plots for sale in Chennai, laying down the guidelines to be followed by all builders & developers. RERA norms to protect the buyer’s rights. ● RERA has laid a regularisation of the carpet area, so land promoters in Chennai cannot show escalated areas and increase prices. Further, for plots with carpet areas over 500 sq. mtrs, the builders have to register it under RERA. ● All real estate projects must be mandatorily registered with RERA and the land promoters must deposit 70% of the funds in a separate escrow account & carry proof for the same. ● Advance payments by buyers to builders need not be more than 10% to ensure the former gets enough time to pool funds. ● The buyer will know the project’s phase-wise details until the completion status, from the unique registration number. ● Any quality/structure defect reported within five years of possession must be rectified within 30 days, by the builder at his own cost ● In the event of delayed buyer payment or building hand-over both the buyer and the promoter, as required by RERA need to pay the same interest amount. ● The project terms & plans can be altered only with the buyer’s consent and in case of any discrepancy, the buyer can refuse the property & demand a refund of the full amount. ● For any disputes or complaints with the real estate plots dealer, the buyer can file with RERA & they can further raise it with the ‘Appellate Tribunal’ if dissatisfied with RERA’s decision Irrefutable benefits of RERA approved plots. It is well known that the residential/commercial plots for sale in Chennai or construction projects cannot be booked, promoted, or sold without a RERA certificate. Because this certificate is issued only after the authorities authenticate that the norms have been duly followed by the respective land promoters in Chennai. The key benefits of the RERA approved plots include the following: ● RERA validates & approves the credibility of the builder. ● The builders, developers, & promoters are bound by RERA’s norms so the chances of malpractices are avoided. ● RERA protects the rights & interests of the buyers and lays a sense of responsibility for the promoter or builder. ● Certifies transparency of the project details using the RERA unique registered number.

3. ● By launching a standardized pan-India model, both the buyer & developer will be able to access the RERA Complaint tribunal. How does Elephantine Enterprises follow the RERA guidelines? Elephantine has been one of the prestigious land promoters in Chennai for over 12 years and pioneered in designing & implementing new benchmarks in all of its residential, commercial, and industrial projects, by duly adhering to the norms & guidelines of RERA. The company has redefined the chronicles of the real estate landscape in Chennai by fashioning friendly living communities & empowering its clients with personalized services. To achieve this level of excellence, Elephantine integrates state-of-the-art amenities, technologies, & designs prioritising the well-being & satisfaction of its clients. As an exemplary land aggregator, promoter, developer, and builder, Elephantine makes sure its projects are a reflection of their pillar values, which are integrity & transparency, and an innovative & trustable approach. A few of its noteworthy value-added services for its RERA approved plots are: ● End-to-end support to monitor the project progress & handle the legal paperwork. ● Due Diligence and obtaining no-dues certificates. ● Diligent land Surveying and Mapping for all their clients ● Financial Advisory & Risk Assessment. ● Market Research & Project Management services. Elephantine as a top real estate player, has maintained customer-centric relationships, by adhering to prudent and expert practices. Visit the company site to learn about their exemplary projects.