CHENNAI : The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has directed realtors to furnish quarterly reports starting from the date of registration of the project but experts argue that details are not being uploaded as mandated by the Real Estate Regulatory Act. As per a new communiqué issued last Wednesday, the TNRERA has asked the developers to furnish number and types of apartment or plots booked, number of parking lots booked, stage of construction of each floor along with amenities with supporting photographs and sanction letter from the banks or finance companies, if any.
It has also directed developers to furnish audited annual accounts within six months of the succeeding financial year besides providing a web link to developers website. While the reason for such reports is to ensure transparency and make sure that money for the project is not diverted, experts opine that details as mandated by the Act are absent on the TNRERA website. Not only that, most of the developers haven’t provided any link to the website. In most of the data available on the TNRERA website, the details about the developers are lacking. Some have their photographs and details while others have only documents or agreements.
As per the rules, the TNRERA should ensure that profile of the promoter is available on its website in respect of each project registered. The website should also contain a brief detail of his enterprise including its name, registered address, type of enterprise (proprietorship, limited liability partnership, society, partnership, company, competent authority) and the particulars of registration to be provided.
In case of a newly incorporated or registered entity, brief details of the parent entity including its name, registered address, type of enterprise (proprietorship, societies, limited liability partnership, companies, competent authority) have to be provided.
Similarly, the financial details of the developers are also lacking. The website lacks authenticated copy of the PAN card of the promoter. The annual report including audited profit-and-loss account, balance-sheet, cash flow statement, directors’ report and the auditor’s report of the promoter for the immediately preceding three financial years should be available. Where annual report is not available, then the audited profit-and-loss account, balance-sheet, cash flow statement and the auditor’s report of the promoter for the immediately preceding three financial years and in case of newly incorporated or registered entity such information shall be disclosed for the parent entity.
Similarly, track record of the promoter including the number of years of experience of the promoter or parent entity in real estate construction in Tamil Nadu; number of years of experience of the promoter or parent entity in real estate construction in other states or union territories, number of ongoing projects and proposed area to be constructed and details of past or ongoing litigations in relation to the real estate project should be available.
Confederation of Real Estate Developers Association of India (CREDAI) executive member and vice-president of Newry Properties S Sridharan told Express that all details were being provided by developers as mandated by TNRERA. “There has been a template which is circulated to us and developers fill in all details,” he said.