ORERA NEW RULE 2025
In Odisha, RERA mandates registration for real estate projects exceeding 500 sq meters or with more than 8 apartments, requiring developers to disclose project details, use escrow accounts, and compensate buyers for delays or defects. [1, 2, 3, 4]
- Mandatory Registration: All real estate projects exceeding 500 square meters or having more than eight apartments must register with Odisha RERA. [1, 3, 5]
- Project Details Disclosure: Developers are required to disclose comprehensive project details, including timelines, layout plans, approvals, and financial aspects. [1, 3]
- Escrow Account Usage: Developers must maintain a designated escrow account, ensuring funds raised for a specific project are used only for that project, preventing diversion. [1, 3]
- Agent Registration: All real estate agents involved in property sales must register with Odisha RERA. [3]
- Interest on Delays: If project delivery is delayed, buyers are entitled to compensation, including interest on the amount paid. [3]
- Rights of Buyers: Buyers have the right to visit the property to check on the development of the project. [2]
- Handover of Common Areas: Promoters must hand over the project's common areas to the association of allottees after obtaining the occupancy certificate. [2]
- Disclosure of Ongoing Projects: Promoters of ongoing projects that haven't received a completion certificate must apply to the Authority within a specified time. [6, 7]
- 70% Funds in Escrow: Developers must deposit 70% of the amounts already realized from allottees in a separate bank account, which should be used for construction or land costs. [7]
- Registration Fees: Developers must pay a registration fee as specified by regulations. [6]
- Non-Discrimination: Developers must declare that they will not discriminate against any allottee at the time of allotment. [6]
- Withdrawal of Registration: If a promoter applies for withdrawal of registration before the expiry of 30 days, a portion of the registration fee will be retained as a processing fee. [6]
- Complaints and Redressal: Buyers can approach RERA if they are aggrieved by the decisions or actions of the promoter/builder/real estate agents. [8]
- RERA Odisha Website: The official website of RERA Odisha is reraodisha.gov.in. [9]
Recent Updates: [2]
- The Odisha government has implemented amendments to the Odisha RERA Act. [2]
- Promoters must adhere to the timelines disclosed at the time of registration. [2]
- Buyers will not incur additional costs due to delays or increases in development charges after the expiry of a project. [2]
- The Odisha Apartment (Ownership and Management) Act, 2023, which refers to the RERA Act, 2016 has streamlined issues regarding the sale of apartments. [10]
- The state government has allowed registration of apartments completed before the enforcement of RERA norms. [11]
