Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
The Odisha Real Estate Regulatory Authority (ORERA) has announced a list of 57 real estate promoters who have failed to pay penalties exceeding INR 6 crore for breaching various provisions of the Odisha Real Estate (Regulation and Development) Act, 2016. Of the INR 6.89 crore in fines imposed on 60 developers, only INR 23 lakh has been collected so far, with just three promoters having settled their dues. ORERA was established to safeguard homebuyers' interests, but concerns about the recovery process remain, prompting calls for greater accountability and potential amendments to existing regulations.
The Odisha Real Estate Regulatory Authority (ORERA) has released a list of 57 promoters who have failed to pay penalties, collectively amounting to over INR 6 crore, for violating various provisions of the Odisha Real Estate (Regulation and Development) Act, 2016. Advertisement
According to ORERA records, fines totaling over INR 6.89 crore were levied against 60 real estate developers, yet only INR 23 lakh has been collected to date, with just three promoters settling their penalties. The list identifies defaulters involved in plotted projects and apartment developments in and around the city, with individual penalty amounts ranging from INR 3 lakh to INR 50 lakh each.
ORERA was established to protect the interests of homebuyers. Since its inception in 2016, it has addressed homeowners' complaints and penalized realtors found guilty of violations. However, there are concerns over the number of defaulters. While ORERA may have issued penalties, recovering those amounts is often a significant challenge.
A senior ORERA official explained that the list was made public to inform the community about the defaulters. "The public has a right to know who the defaulters are, and it serves as a notice for them as well," the official said.
The official clarified that while ORERA has the authority to impose penalties, the actual recovery is generally carried out by the relevant district authorities. RERA does not grant the authority the power to execute recoveries.
In July, Union Housing and Urban Affairs Minister Manohar Lal informed the Rajya Sabha that state governments can intervene if RERA authorities fail to fulfill their duties or functions. Recently, Revenue Minister Suresh Pujari indicated that the government is considering amendments to RERA and related legislation to benefit the public.
The release of this defaulter list underscores the ongoing challenges ORERA faces in enforcing compliance among real estate promoters in Odisha. Encouraging prompt action from both realtors and the government will be essential for restoring confidence in the real estate sector and ensuring that homebuyers are adequately protected from unscrupulous practices.
Advertisement
Facebook
Whatsapp
