ORERA: Bhubaneswar, (Reporterspen), Nov 29: The Odisha Real Estate Regulatory Authority (ORERA) has raised alarms by publishing a list of at least 60 promoters who have been penalized for violating the Odisha Real Estate (Regulation and Development) Act, 2016.
These promoters are neither registered with ORERA nor compliant with plotting schemes. Many lack the necessary approvals for their project layouts, yet have sold plots to unsuspecting buyers, according to activist Bimalendu Pradhan.
ORERA has imposed penalties exceeding ₹66 crore on these defaulters, with a total of ₹68.97 crore in fines issued. However, only ₹23 lakh has been collected so far. The list of defaulting promoters was released on November 28, highlighting their failure to adhere to statutory regulations designed to ensure transparency in real estate transactions.
The Act mandates that all commercial and residential projects be registered with ORERA before any marketing or sales activities can commence. Additionally, promoters are required to provide quarterly updates to the authority. This situation underscores the importance of vigilance among potential buyers in Odisha’s real estate market.
