Odisha real estate: ORERA intensifies scrutiny on delayed projects with forensic audits

The Odisha Real Estate Regulatory Authority (ORERA) has enhanced its oversight of the sector by integrating forensic audit firms into its investigative processes. This initiative aims to fortify transparency and accountability within Odisha's real estate market.

Reinforced Measures

Forensic audit teams will now be deployed to examine projects that show signs of significant delays, financial anomalies, or practices involving unauthorized pre-launch sales. These specialists will help identify any potential mismanagement and financial discrepancies within these developments.

This will help maintain discipline among developers and promote professional practices. Moreover, it will also be both preventive and corrective, aiming to identify potential issues before they escalate into major problems affecting the homebuyers.

ORERA's Move to Protect Homeseekers

The decision reflects ORERA's steadfast dedication to protecting homebuyers' rights and promoting structured growth in the property sector. By increasing checks and balances, the authority seeks to enhance consumer confidence.

This development comes as part of ORERA’s ongoing efforts to ensure compliance in the real estate industry, aligning with regulatory frameworks designed to protect consumers and promote ethical business practices.

Fine of Parking Space:

Recently, ORERA imposed a fine of Rs 62 lakh on a Bhubaneswar-based realtor for not providing adequate car parking space to a homebuyer in a real estate project in Shankarpur area. 

The fine was imposed after ORERA initiated a suo motu case under Section 63 of the Real Estate (Regulation and Development) Act, 2016, against the realtor for violating its order passed in September 2021.

Request To HomeBuyers

Meanwhile, the ORERA has urged all homebuyers to report any suspicious activities or unusual delays in their projects, assuring prompt investigation and appropriate action.