Tamil Nadu government releases the regulations for sale of plot/buildings
Posted on: 25/Jun/2017 12:48:44 PM
In the revised regulations of the Tamil Nadu Building Laws and Regulations, it is warned that in case it is established that there was a violation of the regulations in the construction, the builder will be given 3 years’ imprisonment or a penalty of 10% of the total cost of the construction.
The rules and regulations of Tamil Nadu Building Sales Rules – 2017 have been revised as per the Central Government Sales Laws. It has been stated that with this uniformity, a building sales regulation committee will be formed. The committee will be headquartered at the 3rd Floor of the Thalamuthu Natarajan Building Complex in Egmore, Chennai, on a temporary basis.
As per the new rules and regulations, the agents who indulge in sales of all buildings covering an area of over 500 square metres or more than 8-storeyed high must register the sales proceedings with the above committee.
This new revised rules and regulations will be applicable to the present constructions in progress as well as the planned future constructions.
It has been stated that henceforth, building can be sold without registering in the above committee.
In case the construction is through housing loans, 70% of the amount received from the customer who is mentioned as the reserved candidate, must be deposited in a new separate bank account and should be utilised properly without any legal violations.
In case if the construction is a multi-storeyed building and it gets completed, the builder must sell the buyer on the carpet area basis only.
Within 5 years after allotting the construction the reserved customer, in the case of any defects in construction, interior work, or low quality is found, the builder must rectify these defects at his own cost.
In case some defects are located and established in the construction, the builder will be given a penalty of 10% of the total value of the construction or 3 years’ imprisonment.
It has been stressed that the builder, right from the process of registration of the plot of construction till getting the certification of the work completion of the building, will have to register all details with the Regulation Committee.
