Status of new realty regulatory bill in Odisha

Q: Hi, I would like to know if there are any updates regarding the realty regulatory bill of Odisha..

Kamal, Kochi

22nd January 2013

Real estate News in Bhubaneswar

realty regulatory bill

odisha real estate

developers in bhubaneswar

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As per the proposed realty bill, compulsory registration of properties has been made mandatory, while giving possession in the name of buyer. There should be stipulation about a situation when a buyer defaults in payment so that the developer is not at the receiving end.

Veena K,

30th January 2013

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CREDAI has expressed reservations about liability provisions. As per the new bill, drawbacks like failure to execute housing projects on said time and damage to property will make a builder criminally liable. Even though if a builder has good intentions but delay a project due to inevitable circumstances, he will be liable to it and punishing him will be unfair on his part. Several realty experts are of the opinion that there has to be a monetary policy to avoid criminal liability being fixed on such builders. This is another change that builders are asking to do in the new bill.

Vivek Kulkarni,

29th January 2013

Comment

Hey guys, as per new regulation bill, registration of properties is mandatory while giving possession in the name of buyer. Experts are saying that there should be a monetary policy to support builders from being made criminally liable for something. A single window clearance system for builders for getting clearances in also needed.. There need to be some modifications made in the proposed bill.

Lokesh Patwa,

24th January 2013

Comment

Hi, the new regulatory bill will be coming out soon. But the developers are not happy with some of the policies in this bill. Everyone wants new bill but they insist that some of the clauses in it has to be changed. There is one rule that if a builder delays a project delivery then he will be criminally liable. But in some cases even though if it is not builder's mistake he may be made criminally liable. Such clauses need to be relaxed in the bill, but still it is not confirmed as what the state government will decide.

Bulbul Verma,

23rd January 2013

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