The real estate sector was hit hard in Odisha as none of the projects have received registration numbers from the Real Estate Regulatory Authority(RERA) as claimed by DS Tripathy, president of Confederation of Real Estate Developers’ Association of India (CREDAI) Odisha President.
As per the Real Estate (Regulation and Development) Act, 2016 all the real estate projects were required to register with the Act. Any project that is not registered with the Act cannot advertise or sell units post the deadline of July 31st. All the ongoing projects were also required to apply for registration.
The registration process started under RERA towards the end of the deadline as many developers and builders were unaware of the process of registration and the full functioning and implementation of RERA Act.
DS Tripathy also mentioned, “As many States has simplified the process by receiving online registration and giving instant registration number of projects but in Odisha application were received manually without providing any assistance or guidance to developers which ultimately resulted in stopping of new business at the time when developers were anticipating some good news in coming festive seasons after facing the hard period of recession and demonetisation.”
Tripathy demanded, “Hence, we urge the Government to allow the sale of ongoing projects till full functioning of the RERA or make the RERA full functional without any further delay to save the real estate industry. Further, we urge to extend the date for registration of ongoing projects under RERA to facilitate many developers of various cities of the State those were unable to register their projects because of lack of awareness, unavailability of online facility and providing limited days for registration instead of three months allowed under the Act.”