Tag: Bhubaneswar

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Govt Begins Process to Fill Odisha RERA Bench Vacancy

BHUBANESWAR: The Odisha government has begun the process of appointing a new member (administration) for the Odisha Real Estate Regulatory Authority (ORERA). This comes more than two months after the position became vacant due to the premature departure of the previous member, who had been in office for only about a year. This development is especially significant for ORERA, as the chairperson’s position in the Odisha Real Estate Appellate Tribunal (OREAT) has also been vacant since May. Stakeholders are concerned that prolonged vacancies in these critical roles could hinder the resolution of disputes among homebuyers, developers, and real estate projects.…

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Odisha REAT Rejects Promoter’s Appeal on ORERA Ruling

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has rejected a promoter’s appeal against a ruling by the Odisha Real Estate Regulatory Authority (ORERA), affirming decisions aimed at safeguarding apartment owners’ interests in a significant residential project in Patia. During a recent session, the tribunal asserted that the promoter is legally required to adhere to ORERA’s directives regarding promised amenities, rectification of structural flaws, transparency in maintenance and corpus fund accounts, as well as the transfer of common areas to the allottees’ association. According to the case background, a complaint was lodged by the apartment owners’ association, highlighting that numerous…

IndustryLatest Stories

Bhubaneswar to Survey Buildings in August for Identification

BHUBANESWAR: In light of recent Supreme Court observations regarding the conversion of residential buildings into commercial spaces, the Bhubaneswar Municipal Corporation (BMC) plans to conduct a door-to-door survey starting in August to accurately categorize residential and commercial properties. Currently, BMC lacks a detailed inventory of these properties, which hinders their ability to evaluate the holding tax—levied at different rates for residential and commercial entities. Officials pointed out that the absence of data on commercial properties adversely affects BMC’s revenue, as taxes for commercial holdings are considerably higher than for residential ones. “Our records indicate a total of 1.19 lakh holdings…

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Odisha Government Starts Appointing New RERA Member

BHUBANESWAR: The Odisha state government has begun the process of appointing a new member (administration) to the Odisha Real Estate Regulatory Authority (ORERA), following a vacancy left by the sudden departure of the previous appointee, who was in the role for just under a year. This development is particularly important for ORERA, especially with the chairperson position in the Odisha Real Estate Appellate Tribunal (OREAT) remaining unfilled since May. Stakeholders are concerned that continued vacancies in key roles may hinder the timely resolution of disputes involving homebuyers, developers, and real estate projects. The member (administration) is one of three positions…

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Odisha REAT Rules Builder’s Flat Cancellation Illegal

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has overturned a decision made by the Odisha Real Estate Regulatory Authority (ORERA), declaring the cancellation of an apartment allotment in a prominent housing project in Kalarahanga as illegal. This cancellation occurred after the buyer had already made a payment to the builder. The tribunal’s recent ruling instructed the builder to issue a revised demand for delayed interest, rather than canceling the allotment. The dispute originated from a flat booked by the buyer in December 2017 for ₹91.36 lakh, of which ₹10 lakh was paid upfront. A sale agreement was subsequently executed…

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Verify Clients with Latest UN Sanctions: Odisha RERA to Agents

BHUBANESWAR: In response to recent updates by the United Nations Security Council (UNSC) sanctions committees regarding global high-risk individuals and entities, the Odisha Real Estate Regulatory Authority (ORERA) has issued a directive requiring all registered agents to implement anti-money laundering and counter-terrorism financing measures in accordance with the Prevention of Money Laundering Act. This directive follows guidance from the Director General of Audit, Indirect Taxes and Customs. Under the updated compliance framework, real estate agents are now recognized as reporting entities, necessitating alignment of their customer due diligence processes with the most recent international sanctions. ORERA has instructed real estate…

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Odisha RERA Updates QPR Format for Real Estate Projects

BHUBANESWAR: The Odisha Real Estate Regulatory Authority (ORERA) has updated the quarterly progress report (QPR) format for real estate projects, correcting issues in the financial status pro forma that promoters must submit for registered projects. In an announcement made on Wednesday, ORERA noted that it identified certain errors in Pro forma-II(B), which pertains to the project’s financial status and requires certification by a chartered accountant. The authority has since rectified this form and advised updates to the corresponding section of ORERA 2.0. This latest directive follows an earlier modification made by ORERA on April 22, which altered the QPR format…

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OREAT: Odisha RERA’s Fee Retention is Arbitrary

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has recently ruled that the Odisha Real Estate Regulatory Authority (ORERA) cannot withhold the full registration fees for projects in cases of rejection or delayed withdrawal. The tribunal deemed such actions arbitrary and lacking in legal foundation. The tribunal delivered this verdict while reviewing two similar appeals involving prominent residential projects in the city, dismissing ORERA’s refusal to issue refunds and ordering the return of the registration fees, retaining only 12% for processing costs. In total, ORERA collected over Rs 20 lakh in registration fees from the two developers. In the first…

CommercialLatest Stories

Odisha: New IT Park to Open in Damana

BHUBANESWAR: The state government has unveiled plans to create a large, integrated IT park near Damana Square, adjacent to the Jaydev Vihar-Nandankanan Road. This initiative aims to be a major contributor to the state’s digital economy and job creation. The IT park will be developed by the Electronics and Information Technology Department and is set to become a forward-thinking technology hub, enhancing Odisha’s standing as a developing destination for IT and IT-enabled services (ITES), according to officials. As stated in the expression of interest (EOI) released by the Odisha Computer Application Centre (OCAC), the project will engage the private sector…

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Odisha REAT Directs Builder to Finalize 2018 Flat Sale Agreement

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has overturned a previous order that mandated a refund, instead instructing the builder of a significant housing project in Phulnakhra to finalize a sale agreement for a flat booked in 2018. The tribunal deemed the builder’s cancellation arbitrary and discriminatory. This ruling was made last week in response to a decision by the Odisha Real Estate Regulatory Authority (ORERA) from May 2024. According to case records, the buyer had booked a flat along NH-16 by paying Rs 1 lakh in November 2018, with a total cost of approximately Rs 53.6 lakh. The…