ORERA in Odisha Flags 60 Defaulting Real Estate Promoters; What You Need to Know
Bhubaneswar: Are real estate buyers in Odisha facing challenges? The Odisha Real Estate Regulatory Authority (ORERA) has raised concerns by releasing a list of 60 defaulting real estate promoters. Here’s what you need to know about the issue and its impli
OdishaReal EstateOreraReraDefaulting PromotersReal Estate MaharashtraNov 29, 2024
The Real Estate (Regulation and Development) Act, 2016 (RERA) was introduced to regulate the real estate sector and protect homebuyers from fraudulent practices. ORERA, established under this act, is responsible for ensuring that real estate projects in Odisha are compliant with the regulations set by RERA. The recent release of the defaulting promoters list is a significant step towards maintaining transparency and trust in the market.
Key Highlights
- Number of Defaulters ORERA has identified and listed 60 real estate promoters who have been found non-compliant with RERA regulations.
- Reasons for Default The reasons for non-compliance include delay in project completion, failure to register projects with ORERA, and not adhering to the terms and conditions of the RERA Act.
- Impact on Buyers Homebuyers who have invested in these projects are at risk of delays, financial losses, and potential legal issues.
What ORERA is Doing
ORERA has taken several measures to address the issue
- Issuing Show-Cause Notices The regulatory authority has issued show-cause notices to the defaulting promoters, giving them a chance to explain their non-compliance.
- Penalties and Fines Non-compliant promoters may face penalties, including fines and suspension of their projects.
- Consumer Awareness Campaigns ORERA is running awareness campaigns to educate homebuyers about their rights and the importance of checking the compliance status of real estate projects before making an investment.
Advice for Homebuyers
- Check Compliance Before investing in a real estate project, homebuyers should verify the project’s compliance status with ORERA. This can be done by visiting the ORERA website or contacting the authority for detailed information.
- Due Diligence Conduct thorough research on the promoter’s background, past projects, and reputation in the market.
- Legal Consultation Consider consulting a legal expert to understand the terms and conditions of the project and to ensure that all legal documents are in order.
Conclusion
The release of the list of defaulting real estate promoters by ORERA is a positive step towards ensuring transparency and accountability in the Odisha real estate market. Homebuyers are advised to be cautious and conduct due diligence before making any investment. ORERA’s ongoing efforts to regulate the sector will help build trust and protect the interests of buyers.
About ORERA
The Odisha Real Estate Regulatory Authority (ORERA) is a statutory body established under the Real Estate (Regulation and Development) Act, 2016. ORERA’s primary role is to regulate the real estate sector in Odisha, ensuring that all real estate projects comply with the RERA Act. The authority works to protect the interests of homebuyers and promote transparency and accountability in the real estate market.
Frequently Asked Questions
What is ORERA?
ORERA stands for Odisha Real Estate Regulatory Authority. It is a statutory body established under the Real Estate (Regulation and Development) Act, 2016, responsible for regulating the real estate sector in Odisha.
Why did ORERA release a list of defaulting promoters?
ORERA released the list to ensure transparency and accountability in the real estate sector, protecting the interests of homebuyers by identifying and highlighting non-compliant promoters.
What are the consequences for defaulting promoters?
Defaulting promoters may face penalties, including fines and suspension of their projects. They are also required to explain their non-compliance through show-cause notices issued by ORERA.
How can homebuyers check if a project is compliant with ORERA?
Homebuyers can check the compliance status of a real estate project by visiting the ORERA website or contacting the authority for detailed information.
What should homebuyers do before investing in a real estate project?
Homebuyers should verify the project’s compliance status with ORERA, conduct thorough research on the promoter’s background, and consider consulting a legal expert to ensure all legal documents are in order.
Related News Articles
Budget 2024: How Indexation Removal Affects Real Estate Investments in India
The recent budget announcement has sparked concerns among property investors. Experts weigh in on how the removal of indexation will impact property prices, loans, and housing demand.
Keystone Realtors Sees 45% Drop in Net Profit Amid Higher Expenses in Q1 FY25
Realty firm Keystone Realtors reports 45% decline in net profit at Rs 25.82 crore for June quarter FY25, citing higher expenses. Total income rises to Rs 437.20 crore during April-June period.
Atmosphere Living to Invest ₹500 Crore in India's Luxury Real Estate Market
Goa, Lonavala, Himachal Pradesh, Jaipur, and Mysore to witness luxury real estate boom
Keystone Realtors to Pump in Rs. 9 Billion in FY25 Residential Projects
Keystone Realtors, a prominent real estate developer, has announced plans to invest a whopping Rs. 9 billion in residential projects in FY25.
Chennai's GST Road Suburbs Witness Unprecedented Development Boom
The Chennai suburbs along the Grand Southern Trunk (GST) Road are witnessing rapid development, including increased employment opportunities, enhanced road and rail connectivity, and a real-estate boom.
Vinit Sarawgi Joins TRU Capital as Co-Founder to Drive Real Estate Investments
Vinit Sarawgi has joined TRU Capital, a leading real estate investment firm, as Co-Founder and Investment Manager to spearhead strategic initiatives and drive growth in the real estate sector. Mumbai, October 18, 2024.