With Tamil Nadu notifying the rules for Real Estate Regulatory Act, the state government on Thursday said developers should not advertise, market or sell their projects without registering with the realty regulator.
An official statement here said the state government has approved the Tamil Nadu Real Estate (Regulation and Development) Rules, 2017 on 22.6.2017 to carry out the provisions of Real Estate (Regulation and Development) Act 2016.
Under Section 3(1) of the Act, no promoter shall advertise, market, book, sell or offer for sale or invite persons to purchase in any manner any plot, apartment or building in any real estate project or part of it without registering the real estate project with the Tamil Nadu Real Estate Regulatory Authority (TNRERA).
Accordingly, builders/developers while releasing advertisement in the media for their project will have to mention the registration number of TNRERA without fail.
For projects completed prior to implementation of the rules, the details of completion certificate or application made with the respective planning authority to this effect shall be mentioned. The funding institutions may also take note of the above direction, the statement added.