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) is on the brink of closure as two of its remaining members are set to retire in May. With the premature departure of the chairperson earlier this year, the authority is now operating with reduced capacity. The Odisha Real Estate (Regulation and Development) Act, 2016 mandates that the government initiate recruitment processes before such positions become vacant. While advertisements have been published for the two member positions, only one meeting was held in March to select a new chairperson.
The Odisha Real Estate Regulatory Authority (ORERA) is facing a potential shutdown as two of its remaining members are scheduled to retire in May. Member (admin) Pradeep Kumar Biswal is set to retire on May 2, while Member (judicial) Gopal Chandra Patnaik, who is currently serving as acting chairperson, will complete his tenure on May 9. This situation threatens to bring the authority's operations to a complete standstill, as ORERA's standard operating procedure requires a three-member bench to hear cases, with decisions made through a majority voting system of 2:1. Advertisement
The Odisha Real Estate (Regulation and Development) Act, 2016, stipulates that the government must initiate recruitment processes before such positions become vacant. While advertisements have been published for the two member positions, only one meeting was held in March to select a new chairperson. This delay has raised concerns among stakeholders about the government's preparedness to address the impending vacancies.?
The imminent shutdown of ORERA raises serious concerns about the protection of homebuyers' interests and the regulation of real estate development in Odisha. Stakeholders are calling for urgent government intervention to prevent a complete breakdown of the regulatory mechanism.
Advertisement
Facebook
Whatsapp
