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Sources reveal that the Odisha Real Estate Regulatory Authority (ORERA) has taken a momentus decision to cancel a land deal near the city, citing alleged breaches of the Odisha Real Estate (Regulation and Development) Act, 2016.
According to reports, the landowner, situated in the Balianta area on the outskirts of the city, had subdivided approximately 20 plots, each around an acre in size, without registering the larger plot with ORERA. These sub-plots were being sold to multiple buyers, contravening the requirement that plots larger than 500 square meters must be registered with ORERA.
The rules stipulate that no promoter can engage in advertising, marketing, booking, selling, or offering for sale any real estate project without registering it with ORERA. In this instance, not only did the landowner violate ORERA norms, but there were also allegations of an attempt to sub-plot the chaka (a compact parcel) land, a practice restricted by the Orissa Consolidation of Holdings and Prevention of Fragmentation of Land Act of 1972.
Responding to a complaint from a prospective buyer, ORERA directed the landowner to obtain layout plans for the plots from the competent authority within two months and subsequently register them with the authority within 45 days. Additionally, ORERA nullified the sale deeds of the fragmented sub-plots completed with buyers until proper registration is obtained.
Furthermore, ORERA called upon the inspector general of registration in Cuttack and the Khurda district collector to act against the sub-registrar of Balianta and their predecessor for executing sale deeds in violation of the rules.
Real estate experts foresee that this decision will contribute to increased transparency in land transactions and diminish the influence of brokers in such dealings.
In conclusion, the Odisha Real Estate Regulatory Authority's resolute action to nullify a land deal due to violations of regulatory norms signals a pivotal moment in the oversight and governance of real estate activities. By addressing the alleged breaches of the Odisha Real Estate (Regulation and Development) Act, 2016, the authority is reinforcing its commitment to maintaining transparency and adherence to regulations within the real estate sector.
The cancellation of the land deal, which involved the subdivision of plots without proper registration, not only upholds the legal requirements but also serves as a deterrent against practices that could compromise the integrity of real estate transactions.
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