Bhubaneswar, Jan. 15: Real estate buyers will shortly be able to air their grievances in a hassle-free manner with the state-level Real Estate Regulatory Authority.

Once the authority is set up, homebuyers and customers of commercial estates can register their appeals against any form of cheating or misrepresentation by real estate firms.

All residential and commercial real estate properties set up over a minimum area of 500sqm or apartments with more than eight flats would have to be registered under the authority. This includes projects set up in rural areas.

Mahesh Swain, 54, a real estate agent from Saheed Nagar, said the establishment of the authority would make real estate transactions more transparent.

"I feel that the authority will instil a sense of confidence among real estate buyers across the state. In the long run, it will benefit the real estate developers and agents as well," he said.

R.C. Mohanty, 72, a retired ophthalmologist, said real estate developers would no longer be able to hoodwink buyers once the authority starts functioning from May 17. "Unaccounted cash transactions during real estate deals can be checked after the authority starts working," he added.

Official sources said ongoing projects that have not received completion certificate on the date of commencement of the act would have to register within three months. Application for registration has either to approved or rejected by the authority within a period of 30 days from the date of application. On successful registration, the promoter of the project will be provided a registration number, a login id and password to fill up essential details on the website of the authority. Failure to register can result in a penalty of up to 10 per cent of the project cost or three years imprisonment.

Real estate agents, who facilitate selling or purchase of properties, will have to take prior registration from the real estate watchdog. For each state or Union territory the agents will be issued a single registration number, which they have to quote for every sale he facilitates.

The state government will have to frame rules under the act for setting up an appellate authority before May 1.

Joint secretary, housing, Rajiv Ranjan Mishra under the Union ministry of housing and urban poverty alleviation said on January 17 a meeting had been convened of all secretaries of the state housing and urban development department to chart out a road map for implementation of the act. An official of the state housing and urban development department said the state government would provide required input for implementing the act by May.

The Real Estate (Regulation and Development) Act, 2016, came into force on May 1 last year.

Section 20 of the act says: "The appropriate government shall, within a period of one year from the date of coming into force of this Act, by notification establish an authority to be known as the Real Estate Regulatory Authority to exercise the powers conferred on it and to perform the functions assigned to it under this Act."