Odisha RERA Everything You Need To Know

Odisha RERA Everything You Need To Know, Real Estate is a big industry that contributes to uplift the economy. The recent introduction of the RERA act in Odisha has boosted the realty market. So, if you are a developer, buyer or the agent you need to know everything about the Odisha RERA. The RERA Odisha chairman Siddhanta Das stated that this will bring a change in the real estate industry and build the trusted relationship between buyer and seller. This article will help you know everything about this RERA Odisha Act.

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Odisha RERA

The formulation of RERA was enacted to protect and safeguard the interests of the buyers and the investors. The central RERA allowed the state government to make their own RERA norms. Out of the total 92 sections of RERA act 59 came into action on 1st May 2016 and the rest were passed on May 1, 2017. Wherein on 2nd September 2020, the formed Odisha Real Estate Appellate Tribunal started their proceedings.

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Why RERA act?

In Real estate there were so many misleading and malpractices were taking place. The buyers were facing problems with the transactions as the laws were more in the favor of the developer and. But now to make real estate dealings fair and accountable, this act was brought in. Every state and union territory is free to incorporate their regulations. Only RERA approved projects should be bought as they hold reliability and authenticity.

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• No changes can be done without informing the buyer.

• Changes can be made only when 2/3rd of the allottees agree for it.

• RERA registration is mandatory before the project launch or the advertisement.

• The consent of 2/3rd allotees is required to transfer the rights to any 3rd party.

• Now the developers are believed to deliver the project on promised time.

• Any defect within 5 years of project delivery, the developer will be liable to pay compensation.

• The buyers should be provided with all the relevant project information like plan of the project, land status, approvals and more.

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How To Register As Real Estate Agent In Odisha

• Go to the RERA Odisha website.

• You need to select the option "Do you want to register your project as an agent?"

• A page will open where you will have to select whether you have already registered as an agent. Click on "No" option.

• In the registration form, provide all the required details carefully and correctly.

• Create a new ID and Password.

• Click Register and you are done.

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You need to follow the same steps to register as a promoter.

Required Documents For Odisha RERA Online Registration

• PAN card.

• Photographs

• Registration Certificate of GST

• ORERA Permission Order, if it's an ongoing project

• Encumbrance Certificate

• Advocate's Report

• SSC Certificate

• Location Map

• Receipt of the penalty deposits (if any)

• Development agreement

• ROR

• Approval Letter

• Site plan

• Power of attorney

• Fire Safety Certificate

• NOC from CGWA

• Project Status Document

• Income Tax Returns, Annual Report and Audit Report of the last 3 years.

• Photographs of the property or site

• Cancelled Cheque

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What Projects falls Under RERA ?

• Under RERA, all residential as well as commercial projects are included.

• The projects with more than 8 units or the area above 500 Sq.mt.

• If the completion certificate isn’t obtained, then you need to register it for RERA.

If you are a developer then you should provide the following information while registering with RERA:

• Carpet area, type of the project or the unit.

• Any changes that have to done should be informed and approved by the allottes.

• RERA website should be regularly updated with all information about the time frame for the completion of the projects.

• While advertising the developer cannot make any false commitments or promises.

• Promoters should not change or cancel any random units.

Benefits Of RERA

There are a lot of benefits of the RERA Act for the real estate industry. The developers, buyers and the agents all were helped with this act enactment.

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How the realty Industry was benefited?

• The industry now became more transparent and responsible.

• The projects became for strong and efficient.

• More equitable laws for all.

• Construction Quality and standards are maintained.

• Investors and buyers are now more confident than earlier.

Developer

• It increases efficiency and productivity.

• Best practices in the industry.

• More organized transactions with consolidation of sector.

• More Investment taking place.

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Buyer

• Protection of interest of buyers with timely delivery of project.

• Compensation for any delay non delivery of commitments.

• Sale on the basis of carpet area rather on the basis of super built up.

• Real estate investment became safe and sound.

• All information is revealed to the buyer.

Agents

• Mandatory registration made the sector reliable and strong.

• It increased the efficiency and productivity.

• More transparency in the deals.

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