Nonreceipt of RERA registration number affects real estate sector: CREDAI

Bhubaneswar: The real estate sector in Odisha has been largely affected as none of the real estate projects received a registration number from Real Estate Regulation and Development (RERA) Authorities, CREDAI, Odisha Chairman DS Triparthy said at a media conference here on Thursday.

“As per the rules under RERA Act, no project can be advertised or sold without a registration number from RERA after July 31, 2017. However, the registration process under RERA started at the end of the deadline. As a result, many developers were unable to register their projects due to lack of awareness regarding RERA and its functioning. This ultimately hampered real estate activities in the state,” he said.

The state government should either allow real estate developers to sell their ongoing projects till full functioning of RERA or enforce it at the earliest to save the sector, he added.

Other members of CREADAI, who were also present on the occasion, raised various problems faced by them owing to lack of awareness regarding terms and conditions under RERA Act and absence of an office in Odisha to take up the grievances with regard to the Act from developers and the consumers.