The Tamil Nadu Real Estate Regulatory Authority (TN RERA) Appellate Tribunal has directed House of Hiranandani to register its multi-tower township project as a unified real estate entity, emphasizing compliance with RERA regulations. This decision, prompted by the ongoing nature of the project despite its initiation before the enactment of RERA, aims to ensure transparency and accountability in large-scale residential developments. By mandating the registration of the entire township as a single project, the tribunal seeks to streamline administrative processes and protect the interests of homebuyers. This reflects a commitment to regulatory compliance and fairness in the real estate sector.
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In a significant ruling, the Tamil Nadu Real Estate Regulatory Authority (TN RERA) Appellate Tribunal has issued a directive to House of Hiranandani, a prominent real estate developer, instructing them to register their multi-tower township project as a unified real estate entity. This decision underscores the imperative for developers to comply with the regulations outlined in the Real Estate (Regulation and Development) Act (RERA) and prevent them from bypassing the rules by separately registering individual towers within the same township.
The tribunal's order was prompted by the observation that despite the project's initiation in 2012, i.e., before the enactment of the RERA Act in 2016, the ongoing nature of the township's development renders it eligible for registration as a single real estate project. This crucial determination seeks to ensure uniformity and transparency in the regulatory framework governing large-scale residential developments, safeguarding the interests of homebuyers and promoting accountability among developers.
Furthermore, the tribunal's ruling sheds light on the nuanced challenges surrounding the registration and oversight of township projects, particularly concerning the delineation of distinct phases within a larger development. By mandating the registration of the entire township as one project, the tribunal aims to streamline administrative processes, mitigate potential ambiguities, and foster greater clarity regarding the rights and obligations of both developers and homebuyers.
This landmark decision by the TN RERA Appellate Tribunal reflects a concerted effort to uphold the principles of fairness, equity, and regulatory compliance in the real estate sector, ultimately contributing to the sustainable growth and stability of the housing market.
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