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The Real Estate Regulatory Authority (RERA) was created under the Real Estate (Regulation and Development) Act, 2016, to promote transparency, accountability, and efficiency in India’s real estate sector.
Each state has its own RERA authority to oversee real estate activities within its jurisdiction. In Odisha, the Odisha Real Estate Regulatory Authority (ORERA) ensures that real estate transactions are conducted fairly, protecting the interests of both buyers and developers.
This article will explore what is RERA, its functions, objectives, rules and regulations, and how to register for it on the Odisha RERA website.
The Odisha Government launched the RERA Act on May 1, 2017, to build trust between real estate buyers and sellers in the state. This Act regulates the real estate sector, aiming to make it more organised and transparent. With the Odisha Real Estate Regulatory Authority in place, a balanced and cooperative environment is promoted between buyers and sellers.
Odisha RERA functions as the authority managing real estate transactions and projects across the state. Its key roles include-
Promoting an efficient, transparent, and competitive real estate sector.
Ensuring plots and apartments are sold transparently.
Protecting the rights of buyers and real estate developers.
Providing a system for quick resolution of disputes.
Maintaining a website with details on all registered real estate projects and agents.
Offering an online platform for project and agent registration, as well as for filing complaints.
Here are certain rules and regulations for Odisha RERA.
1. Mandatory registration- All commercial and residential projects over 500 square metres or with more than eight apartments must register with RERA.
2. Project details disclosure- Developers must disclose project timelines, layout plans, approvals, and other essential details.
3. Escrow account requirement- Developers must maintain 70% of project funds in a designated escrow account to ensure financial discipline.
4. Agent Registration- All real estate agents involved in property sales must register with RERA Odisha.
5. Interest on delays- If project delivery is delayed, buyers are entitled to compensation, including interest on the amount paid.
The fees associated with RERA Odisha registration differ based on the nature and scope of the project or agency. Here is an overview of the registration fees.
| Category | Type | Fees (INR) |
|---|---|---|
| Project Registration |
Residential project | 5 per square metre |
| Commercial project | 10 per square metre | |
| Mixed project (residential & commercial) | 14 per square metre |
| Category | Type | Fees (INR) |
|---|---|---|
| Individual Agent |
Registration | 10,000 |
| Renewal | 2,000 |
| Category | Type | Fees (INR) |
|---|---|---|
| Company Agent |
Registration | 1,00,000 |
| Renewal | 20,000 |
Charges to file a complaint with the concerned authorities are as follows-
| Type | Fees (INR) |
|---|---|
| Before regulatory authority |
1,00,000 |
| Before adjudicating officer |
20,000 |
RERA brings several advantages to homebuyers, developers, and real estate agents:
1. For buyers, it ensures projects are completed on time, with transparent financial dealings and a system to resolve any issues that arise.
2. Developers benefit from project registration, which builds trust with potential buyers, and the streamlined procedures help prevent legal challenges.
3. Real estate agents gain formal recognition and a standardised framework for their work, boosting credibility and professionalism in the industry.
RERA has specific eligibility criteria for developers and agents.
For developers-
For real estate agents-
For successful online registration with RERA Odisha, promoters and agents need to submit the following documents.
PAN card
Aadhaar card
Details of agents/promoters, including their names, address, and photographs
Record of Rights (RoR) or ownership details of the land
Annual reports, income tax returns, and audit reports for the past three years
Approved site plan and layout
Conveyance deed
Location map of the project
Encumbrance certificate
Construction and development agreement (if applicable)
Approval letters for construction
1. Personal/Business Identification:
2. Contact Details:
3. Photograph:
4. Financial Information:
5. Business Details:
6. Authorization Documents:
7. Fee Receipt:
8. Affidavit:
To complete the Odisha RERA registration as a promoter, follow these simple steps:
Step 1: Go to the official RERA Odisha website.
Step 2: Click the "Do you want to register your project/ as an agent?" option.
Step 3: If you're not already registered as a promoter or agent, select "No" when asked.
Step 4: Read the guidelines carefully and provide the necessary details in the application form.
Step 5: Press on the "Proceed to login" button to move forward.
Step 6: Sign in to your account with your username and password.
Step 7: Once logged in, go to the dashboard and finish the registration process.
To complete the RERA registration Odisha process as an agent, follow these simple steps:
Step 1: Visit the official website : Go to the RERA Odisha official website.
Step 2: Click on the option to register as a project agent or promoter.
Step 3: You’ll be redirected to another page. If you're not already registered, select the “No” tab.
Step 4: An application form will appear. Enter the required details as per the registration format for the agent or promoter role.
Step 5: Set up a unique user ID and password for your account login.
Step 6: Click the "Register" button to finalise your registration.
RERA Odisha is essential for building transparency and trust in Odisha’s real estate market. Choosing a RERA-approved project offers homebuyers a secure and dependable investment.
To make financing easy, explore Tata Capital’s home loan designed with your needs in mind. We provide loans with high loan amounts, flexible repayment terms, and attractive housing loan rates. To plan your budget, use our calculator for housing loans to get a quick estimate of your monthly EMI in advance.
Visit the Tata Capital website or download our app today!
Home Loan | 23 Aug, 2024
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