The Thinkers’ Club arranged its 60th webinar on unday where club president Barada Prasanna Das presided. RERA member Pradeep Kumar Biswal joined as the chief speaker.
In order to protect the interest of home and plot buyers in the country, the Government of India passed the Real Estate Regulations Act (RERA) in the year 2016 and it was effective from May 1, 2017.This law is applicable to the whole of the country and there is a stipulation in the Act, that all States will go for a Real Estate Authority and an appellate Tribunal, to entertain all complaints against the builders and developers. As such, the RERA is functioning in Odisha from May 1, 2017, said Biswal.
He, however, said, the response to RERA in Odisha is lukewarm. “In Maharashtra, 38,000 builders and agents are registered under the State RERA Act. In contrast, only 800 builders and 133 agents are registered under the Act. Registration with the authority is possible ‘online’. Aggrieved parties can approach the RERA office at Toshali Plaza, Satya Nagar or through mail,” he said.
The State Government under the RERA is obliged to appoint an authority to redress the grievances of buyers. The Builder also can approach this authority, if he is aggrieved but he has to deposit at least 30% of the amount of penalty and compensation due. In certain cases, he has to deposit with the allottee total due of compensation with interest before hearing.
The authority is promoting transparency in the real estate sector and imposing certain norms in real estate transactions. These norms help avoid confusion for the buyers and give a scope to compare similar projects to find out which one is suitable and profitable for him. The buyers under the Act enjoy certain rights and the builders are obliged to follow certain rules and regulations, he informed.