TNRERA Mandates Info Boards at All Real Estate Projects in Tamil Nadu

Chennai: To enhance transparency and consumer awareness, Tamil Nadu Real Estate Regulatory Authority (TNRERA) has issued a circular mandating the installation of prominent display boards at all registered real estate project sites. The order, dated May 7, applies to both building and layout projects across the state.

The circular outlines the essential information that must be displayed on these boards: name of the promoter, project name, TNRERA registration details, date of completion as per TNRERA registration, and the website address of TNRERA. This initiative by TNRERA is expected to provide prospective homebuyers and investors with easy access to crucial project details.

Promoters are now required to install a display board, measuring at least 2ft by 4ft, prominently abutting the public road at each project site. This board must be separate from any other existing display boards and feature essential project information in a readable font size. It's crucial that these display boards are put up immediately after a project gets TNRERA registration.

Promoters will need to submit evidence of the installation, which must be certified by the project's engineer or architect and include site photographs. TNRERA has also said that a condition regarding the display board installation will be incorporated in form-C, which is part of the registration process. Compliance will be rigorously checked and ensured before the issuance of the completion report.

S Ramprabhu, chairman of the DTCP committee at the Builders Association of India, said that this is a step in the right direction to improve transparency and buyer confidence. The Real Estate (Regulation and Development) Act, 2016 (RERA) mandates such measures to ensure that all stakeholders have access to accurate and timely information about real estate projects. This will not only protect the interests of homebuyers but also foster a more trustworthy and reliable real estate market in Tamil Nadu.

The move by TNRERA is part of a broader effort to align with national standards and regulations set by RERA. By ensuring that all necessary information is readily available, TNRERA aims to reduce the risk of fraudulent practices and enhance the overall credibility of the real estate sector in the state. This initiative is expected to benefit not only homebuyers and investors but also genuine developers who adhere to regulatory guidelines and best practices.

In conclusion, the installation of display boards at real estate project sites is a significant step towards greater transparency and accountability in the real estate market. It is hoped that this measure will lead to increased trust and confidence among consumers and contribute to the sustainable growth of the real estate sector in Tamil Nadu.