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Realtors raise Rera concerns

File picture of a housing complex in Bhubaneswar

Bhubaneswar: Real estate developers of the state continue to face problems while registering their properties with the newly-enacted Odisha Real Estate Regulation and Development Rules 2017, commonly known as Rera.

Members of Confederation of Real Estate Developers of India (Credai) - Odisha Chapter discussed these issues at a meeting held in the city recently and demanded early action by the government to resolve the problems.

Rera came into force in the state on July 1 with an objective to resolve the problems of homebuyers and builders.

More than 100 builders from eight cities of the state joined the meet to discuss the problems where they raised issues - such as delay in getting project registration by Rera, delay in getting approvals by Rera and delay in getting occupancy certificates for the completed projects.

They also said that problem persisted when it came to payment of seven per cent charges on power of attorney and another two per cent of charges for executing sale agreement with customers after Rera since it affects the cost of the projects that will simultaneously reflect in the prices of the apartments.

"The rules tie the hands of developers to advertise or starting of bookings since it can't be done without registration of the projects. It further stopped the financial resources from previous deals as the financial institution are denying to make further payment on behalf of customer without registration," said D.S. Tripathy, president of Credai Odisha.

He said that they would approach the government with the issues and seek fast intervention for solutions.

"We will meet the respective authority and policy maker to brief them about the difficulty of realty sector to streamline the process that will give a boost to the sector in the state," said Tripathy.

Another developer said other leading states had adopted reforms to minimise the investment on realty sector to create more stock of affordable housing in market.

A senior housing department official said that they would "look into the matter".

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