Property of defaulting builders to be confiscated: ORERA

Bhubaneswar: Be it problems in getting possession of flats or any other issues, homebuyers can now approach Odisha Real Estate Regulatory Authority (ORERA) which has now got special powers following certain amendments. The provision now empowers ORERA to confiscate property of errant builders as per a notification issued by the Odisha government.

Apart from cases of recovery of unpaid amounts (interest, compensation and/or penalty), any homebuyer, who has not got possession of his flat by the date promised in the sale agreement, is entitled to approach the ORERA for redressal, official sources said.

“ORERA can confiscate and auction the property of errant builders who do not comply with the authority’s order,” said Chairman of ORERA, Amiya Kumar Mohapatra.

Retired Professor Rekha Das had deposited Rs 30 lakh and booked her dream home from LIC Care Homes in 2011. Though the concerned agency had promised possession in 2013, she is yet to get the keys. Not only Das, several other homebuyers in different parts of the State are facing such problems due to delay in completion of projects as promised by builders in agreements.

“It is a good initiative by the Odisha government. We hope that the concerned agency will now act for early redressal under the new provisions,” said Das.

A lot of builders claim that a majority of them maintain transparency and it is due to only some realtors that they have to face disgrace.
“We now hope that with new provisions, we will be able to get back our respect. Earlier, for others’ wrongdoings, a lot of builders were getting defamed. Now under the new rule, everything will be transparent,” said Pradipta Kumar Biswasray, promoter of Shree Jagannath Promoters.