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In a bid to bolster transparency and accountability within the real estate sector, the Odisha Real Estate Regulatory Authority (ORERA) has introduced a groundbreaking measure. As per the latest directive, promoters seeking registration with ORERA will now be mandated to furnish a self-declaration outlining their previous projects.
Under this new requirement, promoters are obligated to provide a comprehensive account of their prior engagements in the realm of real estate development. This includes details regarding housing projects and other ventures undertaken by the promoter. The primary objective behind this initiative is to empower prospective homebuyers with important information about the track record of promoters before making investment decisions.
The self-declaration must encompass various aspects, such as the promoter's involvement in earlier real estate projects within the state of Odisha. Whether acting as a director, partner, or proprietor, promoters are expected to disclose their roles in previous endeavours. By doing so, ORERA aims to equip potential buyers or allottees with valuable insights into the promoter's history and credibility.
Furthermore, promoters are required to disclose any ongoing complaints or legal proceedings pertaining to their projects in the RERA court. This includes cases filed against the promoter or their projects, along with the current status of such complaints. By mandating this disclosure, ORERA seeks to ensure transparency and protect the interests of consumers.
The implementation of this directive reflects ORERA's commitment to fostering a more transparent and accountable real estate market in Odisha. By providing stakeholders with access to critical information about promoters' past projects and legal standing, ORERA aims to promote trust and confidence among consumers.
This proactive step by ORERA is expected to have far-reaching implications, not only in enhancing consumer protection but also in fostering a more conducive environment for real estate transactions in the state.
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