The Role of RERA in Transforming Chennai's Real Estate Market

Chennai's real estate market has come a long way in the last decade. The city's realty market has grown significantly in terms of size and value, attracting both buyers and builders from all over the country. Due to the growing demand for affordable and luxurious housing options, the government has established the Real Estate Regulatory Authority (RERA) to regulate the real estate sector, protect the interests of the buyers and builders, and transform the real estate market in the city.

RERA was established in 2016 to bring about transparency and accountability in the real estate sector. Initially, the developers were skeptical about the implementation of RERA as it enforced strict norms on the builders, which made the process of obtaining approvals and permission lengthy and tedious. However, over the last few years, the role of RERA has become crucial in transforming Chennai's real estate market.

The primary function of RERA is to ensure that the developers and builders comply with the regulations laid down by the authority. The regulations ensure that any project launched by the developers is registered with RERA and the possession is given only after obtaining all the necessary approvals. The rules also provide for a stringent penalty if the developers fail to comply with the norms laid down by the authority.

By ensuring that developers adhere to these regulations, the Authority has helped in improving the quality of the projects. The regulations mandate that the project specifications, including the carpet area, build-up area, etc., are mentioned, which ensures that there is clarity about what exactly is being offered to the buyers. The builders are also required to adhere to the timelines stipulated in the agreement, thereby enhancing the transparency in the entire process.

In addition to this, RERA has played a significant role in promoting affordable housing in the city. The rules state that the developers must reserve a specific percentage of the plot for the construction of affordable houses. This has helped in bridging the gap between demand and supply for affordable housing in the city.

One of the notable aspects of RERA is the grievance redressal system provided by the authority. If the buyers face any issues regarding their purchase, they can approach RERA and get their grievances addressed promptly and effectively. This provision has helped in instilling confidence in the buyers, especially those who were hesitant about investing in the real estate sector before the establishment of RERA.

In conclusion, RERA has played a crucial role in transforming Chennai's real estate market. It has helped in improving the transparency, quality, accountability, and affordability of the projects. The authority has emerged as a reliable source for redressal of disputes related to the real estate sector, attracting more buyers to invest in the market. With the increasing demand for affordable housing, RERA's role in regulating the real estate sector has become even more critical.