The Real Estate Regulatory Authority (RERA) Act, passed in 2016, marked a turning point in protecting homebuyers. This transformative legislation brought a new level of transparency and security to the real estate sector, benefiting both investors and homebuyers. By enforcing strict guidelines, RERA has set the foundation for a more transparent and reliable real estate market, holding developers accountable and ensuring fair practices.

Here’s why TNCD emphasizes the importance of verifying RERA compliance before buying a home:

1. Transparency and Accountability

Prior to the RERA Act, transparency in real estate transactions was limited, leaving homebuyers vulnerable to scams. With the introduction of RERA, developers are now required to register their projects, ensuring they adhere to government guidelines and policies. The Act mandates that essential project details—such as materials used, construction plans, timelines, and legal clearances—be made publicly accessible. TNCD fully embraces these requirements, consistently providing all relevant project information to maintain transparency and build trust with our clients.

2. Protection from Delayed Possessions

At TNCD, delayed possessions are a rarity, as we are committed to delivering homes on schedule every time. This punctuality aligns perfectly with a key aspect of RERA, which addresses the issue of project delays by imposing penalties on developers who miss their deadlines. Under RERA, developers are required to compensate buyers with interest for any delays, ensuring that homebuyers are protected and their expectations are met.

3.Standardised Carpet Area Calculation

Before RERA, inconsistent methods for calculating carpet area created confusion and uncertainty for homebuyers. Standardizing the calculation of carpet area was essential to ensure buyers could accurately assess and verify their purchases. At TNCD, we fully comply with these regulations, providing complete transparency with no hidden details or extra costs. This commitment ensures that our buyers receive a clear and accurate representation of their property’s usable space.

4.Grievance Redressal Mechanism

Any act or standardization ultimately benefits consumers, and RERA is no exception. It introduced a specialized grievance redressal mechanism designed to assist homebuyers in addressing issues such as project delays, substandard construction, or misleading information. This system ensures that disputes are resolved swiftly and fairly, encouraging developers to adopt more transparent and customer-focused practices.

5.Advance Payment Cap

Developers are restricted from demanding more than 10% of the property’s cost as an advance before signing the sale agreement. This regulation promotes a fair and transparent transaction process for homebuyers. At TNCD, we prioritize our customers’ experience, guiding them seamlessly through every step of their home-buying journey to ensure a smooth, stress-free, and enjoyable process.

6.Boosts Buyer Confidence

The RERA Act was designed not only to protect buyers but also to encourage investment in the real estate sector. By ensuring buyers can make informed decisions with confidence, free from risks or fraud, RERA aims to strengthen the overall real estate market. At TNCD, we build on a legacy of trust established by the KG Groups since 1932 in Coimbatore. As a trusted icon in the city for over 90 years, we continue to uphold our reputation for reliability and excellence in real estate.

7.Mandatory Project Registration

Projects of significant size must be registered with RERA before developers can advertise or sell them. This requirement helps protect buyers from investing in unverified projects and ensures that all listed properties comply with regulatory standards. At TNCD, all our projects are RERA-registered and approved, providing you with the assurance and confidence that your investment is secure and valuable.

RERA stands as a guardian for first-time homebuyers and diligent individuals striving to own a home, fostering trust between developers and buyers. It plays a crucial role in safeguarding your investment by ensuring that properties are RERA-approved. At TNCD, we uphold this trust and commitment, ensuring your confidence in your home purchase is always respected.

RERA is more than just a legal framework—it’s a vital safety net in the complex real estate market. Make sure to utilize its protections and benefits as you embark on your real estate journey!