The Odisha Government has initiated amendments in the state’s real estate policies incorporating RERA. The decision is made upon the current situation of sale provisions and related umbrellas, which needs a revised formula for effective functioning.
Recently, the government has realised the loopholes in the potential implementation of real estate projects. Due to this, the state government requires instant action against such unproductiveness with the reformulation of the Odisha Real Estate Regulatory Authority (ORERA). The first step was taken on June 22 by the government knocking on the door of the High Court. Reports say that there will be an analysis of the already existing policies to rephrase the needful stated by the state government.
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As aforementioned, the prime focus is made under the “Agreement of Sales” mentioned under the RERA Act. The prime cause is the non-registration of such sale agreements in the official records by the Inspector General of Registration (IGR). There had been strong friction between the state government and the RERA activists. On the one hand, the state government claims the ORERA policies to be ineffective considering the market competition and plan executions. The other party says it is flawless with absolute effectiveness to permit a ‘common area’ under developers. They also support the ownership relying on independent purchasers, even for those plots or properties with confirmed bookings. They say there is no wrong if the plot and the common area of any residential project are registered under the association of allottees’ name, as per the existing ORERA Act.
Additionally, the activists suggest some more sections to be a part of the article. In these, a tabular format for price breakup, saleability of Covered Parking, the share of land, cost of the land, and common areas, along with transactions relating to the carpet area. The last amendment made to Odisha Real Estate Regulatory Authority was in 2017. However, there is no clear picture regarding the case filed as both parties firmly confront their points in court.
