Tamil Nadu RERA Revises Registration Fees: Comprehensive Breakdown and Implications

The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has announced a revision in registration fees applicable to various real estate projects and services. The circular, issued on 11 July 2024 under Circular No.TNRERA/2784/2024, outlines the new fee structure effective from 15 July 2024. This update is crucial for developers, real estate agents, and homebuyers involved in real estate transactions across Tamil Nadu. Below is a detailed breakdown of the revised fees and the potential impact on the real estate market.

Revised Registration Fees Structure

TNRERA’s circular categorizes the registration fees into multiple sections, each targeting a specific type of project or administrative requirement. Here’s a comprehensive look at the updated fees:

1. Layout, Subdivision, and Site Approval
   • Fee: Rs. 5 per sq.m.
   • Details: Applies to the total extent of the layout, including roads, Open Space Reservation (OSR), etc.
2. Residential Building
   • Dwelling units less than 60 sq.m.: Rs. 10 per sq.m. of Floor Space Index (FSI) area.
   • Dwelling units more than 60 sq.m.: Rs. 25 per sq.m. of FSI area.
3. Commercial Building
   • Fee: Rs. 60 per sq.m. of FSI area.
4. Any Other Projects
   • Fee: Rs. 25 per sq.m. of FSI area.
5. NOC for Obtaining Completion Certificate
   • Admin Charges: Rs. 2,000 per request.
6. NOC for Innocent Buyers for Plot Registration
   • Fee: Rs. 2,000 per plot.
7. Changes After Project Registration
   • Fee: Rs. 5,000 per change (e.g., project name change, bank change, company name change, etc.).
8. True Copy
   • Fee: Rs. 2,000 per copy.
9. Application for Completion Report
   • Fee: Rs. 5,000 per application.
10. Filing of Execution Petition
    • Fee: Rs. 1,600 per petition.
11. Registration of Real Estate Agent
    • Individual: Rs. 25,000.
    • Other than Individual: Rs. 50,000.
12. Renewal Fee for Real Estate Agent (Filed One Month Prior to Expiry)
    • Individual: Rs. 5,000.
    • Other than Individual: Rs. 50,000.
13. Renewal Fee for Real Estate Agent (Filed After Expiry)
    • Individual: Rs. 5,000 renewal fee + Rs. 500 late fee (Total: Rs. 5,500).
    • Other than Individual: Rs. 50,000 renewal fee + Rs. 5,000 late fee (Total: Rs. 55,000).
14. Fee for Withdrawal of Application
    • Fee: 10% of the registration fee will be deducted as a processing fee.
15. Extension Fee Details
    • 1st Extension: 10% of the original registration fee.
    • 2nd Extension: 20% of the original registration fee.
    • 3rd Extension: 30% of the original registration fee.
    • 4th Extension: 40% of the original registration fee.
    • 5th Extension: 50% of the original registration fee.
    • Further Extensions: Each subsequent extension will increase by 10% over the original registration fee.
    • Late Fee: An additional 10% late fee if not applied three months before the expiry date.

Implications of the Revised Fees

These revisions are expected to streamline processes and ensure timely compliance by developers and agents. While the increased fees might raise the initial cost of registration, they also reinforce the importance of adhering to regulatory guidelines to avoid penalties. Developers and real estate professionals must take note of these changes to avoid delays in project approvals and registrations.

Conclusion

The Tamil Nadu RERA’s updated registration fees reflect the authority’s effort to enhance the efficiency and transparency of the real estate regulatory framework in the state. Stakeholders must familiarize themselves with these changes to ensure smooth and compliant transactions.