In an effort to keep homebuyers well-informed, the Odisha Real Estate Regulatory Authority (ORERA) has instructed all developers registered with it to upload and regularly update information regarding their respective housing and plotting projects on its newly launched website, ORERA 2.0. The recently introduced website serves as a comprehensive platform for homebuyers, allowing them to easily access the latest information about the projects in which they have invested their hard-earned money.
In a correspondence addressed to developers, ORERA requested that they update essential details of their projects, which include information about construction milestones and the booking status of all units, as well as details concerning professionals such as site engineers and architects. ORERA has also provided a 26-page user manual to assist developers in efficiently updating the project details.
“According to the instructions outlined in the step-by-step guide and user manual, this task must be completed by all promoters whose projects are registered with the authority,” the letter stated. It emphasizes that this facility is available only to those promoters who possess a valid registration certificate. “The objective of this one-time data update is to ensure that the current status of the projects is accurately represented in the ORERA 2.0 system,” the letter further explains.
Developers have been allotted time until June 15 to finalize the task. ORERA has indicated that failing to complete this update within the designated time frame may negatively affect the regulatory and service delivery functions of the authority, consequently impacting the interests of both homebuyers and promoters.
Furthermore, ORERA noted that the update will facilitate the promoter in submitting their quarterly progress report punctually on the ORERA website. The submission of this report every three months is a crucial activity for developers, enabling buyers to ascertain the precise status of the projects. “There is a growing trust in ORERA these days. The launch of this modern website is a positive development. However, there are specific areas that ORERA needs to improve upon, such as the enforcement of its own orders,” stated Artatrana Jena, a prospective homebuyer.