ORERA Mandates Online Upload of Completion Certificates to Enhance Transparency in Odisha's Real Estate Sector
Bhubaneswar: The Odisha Real Estate Regulatory Authority (ORERA) has introduced a new mandate requiring real estate promoters to upload completion and occupancy certificates online. This move aims to enhance transparency and accountability in the real estate sector.
OreraTransparencyReal EstateCompletion CertificatesOdishaReal EstateApr 05, 2025
The directive, which is in line with the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA), is expected to provide homebuyers with greater access to essential information about the projects they are considering. By making these certificates available online, ORERA aims to reduce the risk of fraudulent practices and ensure that developers complete their projects as per the agreed timelines.
Dr. X, the Chairman of ORERA, stated, “This mandate is a crucial step towards building trust between developers and homebuyers. By making it mandatory for promoters to upload completion and occupancy certificates, we are ensuring that all stakeholders have access to verified and reliable information. This will not only protect the interests of homebuyers but also foster a more transparent and accountable real estate market in Odisha.”
The new rules require developers to upload the completion and occupancy certificates on the ORERA portal within 30 days of obtaining them from the relevant authorities. Failure to comply with this mandate may result in penalties, including fines and other legal actions. This move is expected to streamline the regulatory process and provide homebuyers with a more secure and reliable purchasing experience.
In addition to the online upload of certificates, ORERA has also introduced several other measures to enhance transparency. These include the mandatory disclosure of project timelines, the status of construction, and any delays that may occur. Developers are also required to provide regular updates on the progress of their projects, ensuring that homebuyers are well-informed throughout the construction process.
The impact of this new mandate is expected to be significant, particularly in a state like Odisha, where the real estate sector has witnessed rapid growth in recent years. By ensuring that all necessary documents are available online, ORERA is empowering homebuyers to make more informed decisions and reducing the risk of fraud and misrepresentation.
Mr. Y, a prominent real estate developer in Bhubaneswar, commented, “As a responsible developer, we welcome this initiative by ORERA. It not only aligns with our commitment to transparency but also helps in building a more trustworthy relationship with our customers. We are confident that this will contribute to the overall growth and stability of the real estate sector in Odisha.”
The introduction of this mandate has been met with positive feedback from various industry stakeholders. Homebuyers, in particular, have expressed their appreciation for the increased transparency and the additional layer of protection this measure provides.
In conclusion, the new mandate by ORERA to upload completion and occupancy certificates online is a significant step towards enhancing transparency and accountability in the real estate sector in Odisha. By providing homebuyers with access to verified information, ORERA is contributing to a more secure and reliable real estate market, ultimately benefiting all stakeholders involved.
Frequently Asked Questions
What is the new mandate by ORERA?
ORERA has mandated that real estate promoters must upload their project completion and occupancy certificates online. This is to enhance transparency and accountability in the real estate sector.
Why is this mandate important?
The mandate is important because it ensures that homebuyers have access to verified and reliable information about the projects they are considering, reducing the risk of fraudulent practices and ensuring that developers complete their projects as per the agreed timelines.
What are the consequences of not complying with this mandate?
Developers who fail to comply with the mandate may face penalties, including fines and other legal actions. This is to enforce the regulations and ensure that all stakeholders adhere to the required standards.
How does this mandate benefit homebuyers?
This mandate benefits homebuyers by providing them with greater access to essential information about the projects they are considering, helping them make more informed decisions and reducing the risk of fraud and misrepresentation.
What other measures has ORERA introduced to enhance transparency?
In addition to the online upload of certificates, ORERA has introduced measures such as mandatory disclosure of project timelines, the status of construction, and any delays that may occur. Developers are also required to provide regular updates on the progress of their projects.
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