RERA Acts the developers are liable to pay interest for delay periods to the customer

Bhubaneswar: As per RERA Acts the developers are liable to pay interest for delay periods to the customer, but due to slow registration process of projects by Odisha RERA Authority, developers are being forced to default. RERA Act came in forced from 1st July 2017 in the state barring developers to advertise or take any booking without registration of projects. It also stopped the financial resources from previous deal as financial institution denied to make further installment payment on behalf of customer without registration.

The other states follow online process and use to give registration in time bound manner but in our state hardly few projects were given registration in tenure of 9 months. It is also to note that the RERA Act is only applicable for Ongoing Projects but registration process of all completed projects were stopped in absence of Completion/ Occupancy Certificate. Prime objective of enforcing RERA Acts was to protect consumers interest in terms of timely completion of the project or amenities offered by developers in ongoing projects by discarding completed projects to its ambits where everything is visible. To deal such situation various state allowing registration by considering proof like holding tax, electricity bills, society registration etc prior to 1st July to make sure that project was completed prior to the Act.

In other state, registration of projects are also done on line to facilitate better results while in Odisha, Builders and Developers are subjected to avoidable delay. This has not only created a negative impact in real estate sector, but also caused undue harassment to developers, Revenue collection has drastically been affected putting the Govt. of #Odisha on a losing front.

We urge the Govt to streamline procedural complications and formulate simple and positive formalities so that neither the common consumers nor the developers are adversely affected.

Looking into the grave seriousness of the issue, the Credai Odisha is holding an All Odisha Convention of Developers on ‘RERA HURDLES’ to sort out the problems on the 1st April 2018 in the Hotel Swosti Premium at 10 am.