Tag: Odisha REAT

Latest StoriesRera

Odisha REAT Ensures Homebuyer Rights in Realty Dispute

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has dismissed appeals from a public sector bank that sought to auction a real estate project in the city, where buyers have made significant investments. The bank’s appeal challenged a prior ruling from the Odisha Real Estate Regulatory Authority (ORERA) after the project promoters defaulted on loan repayments. The tribunal concluded that by initiating auction proceedings under the SARFAESI Act, 2002, the bank “stepped into the shoes of the promoter” and is required to assist in completing the halted housing project. This dispute originated from two separate complaints lodged by allottees of…

Latest StoriesRera

Odisha REAT Fines Developer for Unfair Trade Practices

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) recently issued a groundbreaking ruling, referencing Shakespeare’s notorious moneylender Shylock from *The Merchant of Venice*, and imposed a fine of ₹10 lakh on a real estate developer. The tribunal was reviewing an appeal from the promoter of a large real estate project situated in Cuttack alongside NH-16. The tribunal criticized the developer’s actions as “dubious,” accusing them of “unfair trade practices” against the buyer. The appeal was made by the project promoter contesting an earlier ruling by the Odisha Real Estate Regulatory Authority (ORERA). The complainant had paid over ₹3.19 crore for…

Latest StoriesRera

Odisha REAT Affirms Homebuyers’ Rights in Landmark Ruling

BHUBANESWAR: In a significant ruling that supports homebuyers’ rights, the Odisha Real Estate Appellate Tribunal (OREAT) has dismissed an appeal from a local promoter, affirming the allotment of a flat to a buyer and deeming its cancellation as arbitrary and unlawful. The case involved a flat in a multi-storey residential development in Brahmeswarpatna. The buyer had already paid over Rs 60 lakh of the total Rs 70.68 lakh but was denied possession after the promoter unilaterally canceled the allotment, citing delayed payments. However, the tribunal determined that the buyer had adhered to the payment schedule outlined in the registered sale…

Latest StoriesRera

Odisha REAT Supports Buyer Amid Builder Delays and Amenities Issues

BHUBANESWAR: The Odisha Real Estate Appellate Tribunal (OREAT) has rejected an appeal from a local realtor disputing the applicability of the RERA Act, 2016 to its residential project in Andharua. During a recent session, the tribunal affirmed the Odisha Real Estate Regulatory Authority’s (ORERA) previous decision, mandating the developer to compensate the buyer and adhere to essential legal requirements. The case stemmed from a complaint by homebuyer Surya Prakash, who cited delays in possession, the absence of mandatory occupancy and fire safety certificates, and the failure to deliver the promised amenities as outlined in the sale agreement. Despite investing Rs…