ORERA Mandates Online Upload of Completion Certificates to Enhance Transparency in Odisha
Bhubaneswar: The Odisha Real Estate Regulatory Authority (ORERA) has introduced a new mandate requiring promoters to upload completion certificates online. This move aims to enhance transparency and accountability in the real estate sector, ensuring that buyers have access to all necessary documents before making investment decisions.
Real EstateOreraTransparencyCompletion CertificatesOdishaReal Estate NewsApr 05, 2025
The Odisha Real Estate Regulatory Authority (ORERA) was established under the Real Estate (Regulation and Development) Act, 2016, to regulate the real estate sector in the state of Odisha. The primary objective of ORERA is to promote a transparent and fair real estate market, protect the interests of homebuyers, and ensure the timely completion of real estate projects.
Under the new mandate, real estate promoters are required to upload the completion certificate of a project on the ORERA portal within 30 days of receiving it from the concerned authorities. The completion certificate is a crucial document that confirms that the project has been completed in accordance with the approved plans and specifications. It is also a prerequisite for the issuance of occupancy certificates, which are necessary for the handover of the property to the buyers.
This initiative is expected to benefit homebuyers significantly. By making the completion certificates available online, ORERA aims to provide buyers with easy access to vital information about the projects they are interested in. This transparency will help buyers make informed decisions, reducing the risk of purchasing properties that may have hidden issues or non-compliance with regulations.
Moreover, the online availability of these documents will also help in streamlining the registration process for new projects. Real estate promoters will be required to submit the completion certificates along with other necessary documents to the ORERA portal. This will ensure that only projects that meet the required standards and regulations are registered and sold to the public.
The new mandate is in line with the broader objectives of the Real Estate (Regulation and Development) Act, 2016, which seeks to bring about greater transparency and accountability in the real estate sector across the country. By implementing similar regulations, other states and regulatory bodies are also contributing to the overall improvement of the real estate market.
While the new rule is expected to be welcomed by homebuyers, it may present some challenges for real estate promoters. Promoters will need to ensure that their projects are completed in a timely manner and meet all the regulatory requirements to avoid penalties or delays in the registration process. However, the long-term benefits of increased transparency and trust in the market are expected to outweigh these initial challenges.
In conclusion, the ORERA mandate for the online upload of completion certificates is a significant step towards enhancing transparency and accountability in the Odisha real estate market. By providing homebuyers with easy access to vital project information, this initiative is expected to foster a more secure and trustworthy environment for real estate transactions.
Frequently Asked Questions
What is the primary objective of ORERA?
The primary objective of ORERA is to promote a transparent and fair real estate market, protect the interests of homebuyers, and ensure the timely completion of real estate projects.
What is a completion certificate?
A completion certificate is a document that confirms that a real estate project has been completed in accordance with the approved plans and specifications. It is also a prerequisite for the issuance of occupancy certificates.
Why is the online upload of completion certificates important for homebuyers?
The online upload of completion certificates provides homebuyers with easy access to vital information about the projects they are interested in, helping them make informed decisions and reducing the risk of purchasing properties with hidden issues or non-compliance.
What are the benefits of this new mandate for the real estate market?
The benefits include increased transparency, accountability, and trust in the real estate market, which can lead to more secure and reliable real estate transactions.
What challenges might real estate promoters face with this new mandate?
Promoters may face challenges in ensuring that their projects are completed on time and meet all regulatory requirements to avoid penalties or delays in the registration process. However, the long-term benefits are expected to outweigh these initial challenges.
Related News Articles
Police Cracks Down on Gangsters: 151 Cases Registered in Recent Raids
The Kerala police have intensified their efforts against gangsters involved in real estate, soil, and gravel quarrying activities, registering 151 cases in recent raids.
Sonam Kapoor: The Glamorous Face of Runwal Properties
Bollywood actress Sonam Kapoor has been appointed as the brand ambassador for Runwal Properties, one of the leading real estate developers in MMR and Pune. Known for her elegance and grace, Sonam Kapoor will bring a new dimension to Runwal's luxury projects.
Abhinandan Lodha's HoABL Enters Mumbai's Vertical Real Estate Market with Rs 3,500 Crore Projects
Abhinandan Lodha's House of Abhinandan Lodha (HoABL) is making a significant move into Mumbai's vertical real estate market with the launch of Rs 3,500 crore projects. This strategic expansion underscores the company's commitment to high-quality developments and its confidence in the city's growth potential.
RBI Rate Cut to Revitalize the Real Estate Market in Bhubaneswar
The Reserve Bank of India (RBI) has announced a repo rate cut, which is expected to significantly boost the real estate sector in Bhubaneswar. This move is likely to lower borrowing costs, making it more attractive for homebuyers and investors.
Vedanta Faced with ₹141.36 Crore GST Penalty for Ineligible ITC Claims, Plans Legal Action
Mumbai-listed Vedanta has been hit with two GST notices totaling ₹141.36 crore for claiming ineligible input tax credit (ITC). The company has expressed its intention to challenge the penalties legally.
Indian Real Estate Sees Unprecedented Growth in Q2 2024 with $2.5 Billion Institutional Investments
The Indian real estate market has witnessed a significant surge in institutional investments, with a total of $2.5 billion in Q2 2024, driven by foreign investments and domestic institutional and retail investor activity.