ORERA In Odisha Releases List Of 60 Defaulting Real Estate Promoters; Check Here

Bhubaneswar: Are real estate buyers in Odisha in trouble? Odisha Real Estate Regulatory Authority (ORERA) has flagged concerns as it has published list of at least 60 promoters on whom hefty penalty has been imposed for allegedly violating provisions of Odisha Real Estate (Regulation and Development) Act, 2016.

“They are neither registered with ORERA nor comply with the plotting scheme. Most of these defaulting promoters don’t have approval for the layout of their project plots. Many of these promoters, who don’t have the necessary layout approvals, have also sold their projects to the buyers,” claimed activist Bimalendu Pradhan.

Here’s the list of defaulters and penalties pending:

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Penalties amounting to over Rs 66 crore imposed on such promoters and real estate developers by ORERA is yet to be cleared. A total of penalties over Rs 68.97 crore have been imposed on the defaulters. Out of which, only Rs 23lakh has been paid by various promoters.

ORERA released the list of such defaulting promoters on November 28. The penalties have been imposed for not complying with the statutory provisions of Real Estate (Regulation and Development) Act, 2016).

The Act ensures sale of plots and apartments in a transparent manner in Odisha, protect interests of buyers and real estate developers and also provides mechanism for speedy dispute redressal.

According to the Act, promoters are required to register all commercial and residential real estate projects in the state with Odisha RERA. No promoter is allowed to advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, without registering the real estate project with the authority.

They shall also need to provide the quarterly updates to the authority from time to time.

What can be the trouble for buyers of such projects?

“As these promoters have not taken the approval for layout of the plots, the buyers will not be able to get power or water connections. These projects being illegal, the buyers will face multiple legal hurdles,” explained Pradhan.