According to Odisha Real Estate Regulatory Authority (ORERA), promoters seeking registration for real estate projects must now furnish a comprehensive self-declaration. This declaration necessitates the inclusion of detailed information regarding their past and ongoing housing ventures, among other projects. ORERA's directive underscores the importance of transparency in the real estate sector, aiming to enhance accountability and protect consumer interests. The move aligns with broader efforts to regulate the industry and ensure fair practices, marking a significant step towards promoting trust and confidence among stakeholders
0:00
0:00
In a bid to bolster transparency and accountability within the real estate sector, the Odisha Real Estate Regulatory Authority (ORERA) has introduced a groundbreaking measure. As per the latest directive, promoters seeking registration with ORERA will now be mandated to furnish a self-declaration outlining their previous projects.
Under this new requirement, promoters are obligated to provide a comprehensive account of their prior engagements in the realm of real estate development. This includes details regarding housing projects and other ventures undertaken by the promoter. The primary objective behind this initiative is to empower prospective homebuyers with important information about the track record of promoters before making investment decisions.
The self-declaration must encompass various aspects, such as the promoter's involvement in earlier real estate projects within the state of Odisha. Whether acting as a director, partner, or proprietor, promoters are expected to disclose their roles in previous endeavours. By doing so, ORERA aims to equip potential buyers or allottees with valuable insights into the promoter's history and credibility.
Furthermore, promoters are required to disclose any ongoing complaints or legal proceedings pertaining to their projects in the RERA court. This includes cases filed against the promoter or their projects, along with the current status of such complaints. By mandating this disclosure, ORERA seeks to ensure transparency and protect the interests of consumers.
The implementation of this directive reflects ORERA's commitment to fostering a more transparent and accountable real estate market in Odisha. By providing stakeholders with access to critical information about promoters' past projects and legal standing, ORERA aims to promote trust and confidence among consumers.
This proactive step by ORERA is expected to have far-reaching implications, not only in enhancing consumer protection but also in fostering a more conducive environment for real estate transactions in the state.
This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Prop News Time reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Prop News Time for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Prop News Time will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 (“RERA”) and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Prop News Time accepts no responsibility for keeping the information on this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Prop News Time does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention of third-party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Prop News Time accepts no responsibility for the content, reliability and information provided on these third-party websites. Prop News Time will not be held liable for any personal information or data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Prop News Time is not liable for the same. All details in the form of news stories, photos and videos provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. This Site is for guidance only. Your use of this Site – including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional–client relationship between you and Prop News Time. Prop News Time cannot accept you as a client until certain formalities and requirements are met.
Cookie Disclaimer
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy
Facebook
Whatsapp
