The Odisha Real Estate Regulatory Authority (ORERA) has created a Disclosure Compliance Monitoring Cell with the objective to monitor the disclosure performance of the Project Developers and the Agents in the State.
The cell was inaugurated by ORERA Chairman Siddhanta Das in the presence of other officials.
Das said the ORERA Act puts a great deal of importance on the principle of transparency to be maintained in all transactions between the stakeholders. Timely and accurate disclosure of such facts is an absolute necessity to achieve overall sectoral growth. The experience of ORERA shows that the promoters and agents haven’t taken it seriously and have done it on their websites just as a compliance which leads to a lot of conflict and litigation between the home buyers and the developers. The ORERA would now monitor the disclosure performance both quantitatively and qualitatively in real time to bring about the spirit of self-regulation into the sector.