A Detailed Guide on Odisha RERA

The Real Estate (Regulation and Development) Act, commonly known as RERA, has been a transformative force in the real estate sector across India, and Odisha is no exception. The Odisha Real Estate Regulatory Authority (Odisha RERA) plays a pivotal role in regulating and streamlining real estate transactions in the state. Read more to understand the importance of RERA in Odisha, its functions, rules and regulations, benefits for stakeholders, key features, resource utilisation, registration process, fees and charges, and the required documentation.

Importance of Odisha RERA

The importance of Odisha RERA lies in its commitment to fostering transparency and accountability in the real estate sector. By introducing regulations and standards, Odisha RERA aims to create a fair and balanced environment for both home buyers and developers. This not only safeguards the interests of consumers but also promotes a healthy and sustainable real estate market in Odisha.

Functions of Odisha RERA

Odisha RERA serves as a regulatory authority overseeing real estate transactions and developments in the state. Its primary functions include:

1. Project and agent registration: Mandating the registration of real estate projects and agents to ensure compliance with regulatory standards.
2. Grievance redressal: Providing a platform for resolving disputes and grievances between home buyers and developers, ensuring a fair and transparent resolution process.
3. Project delivery assurance: Ensuring timely project completion by monitoring the progress of registered projects, protecting home buyers from delays.

Benefits for different stakeholders on RERA Odisha

1. Home buyers: Assurance of timely project completion, transparent financial transactions, and a mechanism for addressing grievances.
2. Developers: Credibility through project registration, fostering trust among potential buyers. Streamlined processes help in avoiding legal complications.
3. Real estate agents: Formal recognition and registration process, establishing a standardised framework for their operations.

Key features of Odisha RERA

1. Mandatory registration: Developers and agents must register with Odisha RERA before engaging in real estate transactions.
2. Project details disclosure: Developers are required to provide detailed information about the project, including approvals, timeline, and financial aspects.
3. Escrow account usage: Utilisation of escrow accounts to ensure that funds raised for a specific project are used only for that project, preventing diversion.

How to use Odisha RERA resources

1. Online portals: Utilise the online portals for project and agent registration, accessing project details, and filing grievances.
2. Regular updates: Stay informed about the latest updates, circulars, and notifications on the Odisha RERA website.

Documents required to register for Odisha RERA

The specific documents required to register with the Odisha Real Estate Regulatory Authority (Odisha RERA) may vary based on whether you are a developer or a real estate agent.

For developers:

1. Project details: Comprehensive information about the real estate project, including its size, location, and expected completion timeline.
2. Approvals and permissions: Copies of all necessary approvals and clearances from local authorities and relevant bodies.
3. Financial statements: Financial statements demonstrating the financial stability of the developer and their capability to complete the project.
4. Architectural plans: Detailed architectural plans and designs for the proposed development.
5. Builder's background: Information about the developer's background, track record, and experience in the real estate sector.
6. Legal title documents: Proof of legal ownership or title documents for the land on which the project is planned.

For real estate agents:

1. Individual/firm details: Personal and professional details of the individual agent or firm seeking registration.
2. Educational qualifications/certifications: Copies of required educational qualifications or professional certifications.
3. No convictions or disqualifications: Declaration or evidence confirming that the agent has not been convicted of any offences or faced disqualifications that may impede their ability to operate.
4. Code of conduct compliance: An affirmation of adherence to the code of conduct specified by Odisha RERA for real estate agents.

Eligibility criteria for Odisha RERA

The specific eligibility criteria for registration with the Odisha Real Estate Regulatory Authority (Odisha RERA) may vary based on whether you are a developer or a real estate agent. Here are the general eligibility criteria for both categories:

For developers:

1. Project registration: Developers must register their real estate projects with Odisha RERA before advertising or selling any units.
2. Project size threshold: The eligibility may be based on the size of the project, and developers of projects meeting certain criteria are required to register.
3. Approval from relevant authorities: Developers must have obtained all necessary approvals and clearances from local authorities and other competent authorities before applying for registration.
4. Financial stability: Developers may be required to demonstrate financial stability to ensure the successful completion of the registered project.
5. Compliance with building standards: Compliance with building and construction standards is a key requirement to safeguard the interests of home buyers.

For real estate agents:

1. Individual or firm registration: Real estate agents, whether individuals or firms, need to register with Odisha RERA before engaging in any real estate transactions.
2. Educational qualifications: Certain educational qualifications or professional certifications may be required for individual agents.
3. No conviction or disqualification: Agents should not have been convicted of any offence or be subject to any disqualification that may hinder their ability to operate as real estate agents.
4. Compliance with code of conduct: Agents are expected to comply with the code of conduct specified by Odisha RERA.

How to register for Odisha RERA

Here is a general guide on how to register for Odisha RERA:

For developers:

1. Visit the official website: Go to the official website of Odisha RERA.
2. Create an account: Developers need to create an account on the Odisha RERA online portal.
3. Provide project details: Fill in comprehensive details about the real estate project, including its size, location, expected completion timeline, and other relevant information.
4. Submit approvals and permissions: Upload copies of all necessary approvals and clearances from local authorities and relevant bodies.
5. Financial statements: Submit financial statements that demonstrate the financial stability of the developer and their capability to complete the project.
6. Architectural plans: Upload detailed architectural plans and designs for the proposed development.
7. Builder's background: Provide information about the developer's background, track record, and experience in the real estate sector.
8. Legal title documents: Upload proof of legal ownership or title documents for the land on which the project is planned.
9. Payment of fees: Pay the applicable fees for project registration as per the Odisha RERA fee structure.

For real estate agents:

1. Access the Odisha RERA website: Visit the official website of Odisha RERA.
2. Create an account: Real estate agents must create an account on the Odisha RERA online portal.
3. Provide individual/firm details: Fill in personal and professional details of the individual agent or firm seeking registration.
4. Submit educational qualifications/certifications: Upload copies of required educational qualifications or professional certifications.
5. Declare no convictions or disqualifications: Declare or provide evidence confirming that the agent has not been convicted or faced disqualifications that may impede their ability to operate.
6. Affirm code of conduct compliance: Affirm adherence to the code of conduct specified by Odisha RERA for real estate agents.
7. Payment of fees: Pay the applicable fees for agent registration as per the Odisha RERA fee structure.

In conclusion, RERA Odisha stands as a pivotal authority in regulating the real estate sector, contributing to transparency and accountability. For stakeholders, understanding and actively engaging with Odisha RERA's processes can lead to a more secure and trustworthy real estate experience in the state.

How to file a complaint with RERA Odisha

Filing a complaint with RERA (Real Estate Regulatory Authority) in Odisha involves several steps to ensure your grievance is properly addressed. First, visit the official RERA Odisha website and navigate to the "Complaint Registration" section. Fill out the complaint form with accurate details about the builder, project, and nature of the grievance. Attach relevant documents supporting your complaint, such as agreements or communication records. Pay the prescribed fee, if applicable, and submit the form online. Once submitted, you'll receive a complaint number for tracking purposes. RERA Odisha will then review your complaint and take necessary actions to resolve the issue.

How to avail home loan for RERA approved projects

You can easily apply for home loan with Bajaj Finance for RERA approved projects by following the simple steps mentioned below:

1. Click the 'APPLY' button found on this page.
2. Fill in your name, mobile number, and employment status.
3. Choose the loan type you're interested in.
4. Generate and enter the OTP sent to your mobile for verification.
5. After OTP confirmation, provide further details such as your monthly income, desired loan amount, and property details, if known.
6. Continue by entering your birthdate, PAN number, and other required information based on your occupation type.
7. Hit the 'SUBMIT' button to finalise your application.

You are done! Your application is now submitted. Our team will reach out to assist you with the subsequent steps.