The dream of owning a home in a flourishing city like Bhubaneswar is a significant milestone. However, this dream can often be accompanied by anxiety about project delays, misleading promises, and the security of your hard-earned money.
Thankfully, the implementation of the Real Estate (Regulation and Development) Act, 2016, has transformed the industry, empowering homebuyers like never before. But what exactly is RERA, and how does it protect you here in Odisha?
At Pattnaik Properties, we believe a well-informed customer is an empowered one. We are not just builders; we are partners in your journey. This is why we’ve created this simple guide to help you understand RERA and make your property investment in Bhubaneswar a truly safe and transparent experience.
What is RERA and Why Does it Matter in Odisha?
RERA is a landmark act of the Indian Parliament designed to protect homebuyers and boost investment in the real estate industry. The Odisha Real Estate Regulatory Authority (Odisha RERA) is the state-level body responsible for implementing these regulations.
In simple terms, RERA acts as a watchdog. It ensures that real estate projects are sold and developed in a transparent and accountable manner, putting an end to the malpractices that once plagued the sector. For any project with more than 8 apartments or on a plot larger than 500 square meters, RERA registration is mandatory.
Key Benefits of RERA for Homebuyers (Your Rights Protected)
Choosing a RERA-approved project in Bhubaneswar gives you several legally-backed advantages:
- Standardized Carpet Area: Builders can no longer quote a misleading “super built-up area.” Under RERA, properties must be sold based on a standardized carpet area—the actual usable area within the walls of your apartment.
- Timely Possession: The builder must provide a specific, legally binding completion date for the project. If they fail to deliver on time, they are liable to compensate you.
- Protection of Your Money: A minimum of 70% of the money collected from buyers must be kept in a separate escrow account. These funds can only be used for the construction and land costs of that specific project, preventing builders from diverting your money elsewhere.
- Defect Liability: For five years after possession, if any structural defects are found in the property, the developer is obligated to rectify them free of charge within 30 days.
- No Unauthorized Changes: The builder cannot make any major changes to the sanctioned building plan without the written consent of at least two-thirds of the homebuyers.
How to Verify a Project’s RERA Registration in Odisha: A Step-by-Step Guide
Never take a builder’s word for it. You can and should verify their RERA status yourself. It’s simple:
- Visit the Official Website: Go to the Odisha RERA official portal:
rera.odisha.gov.in. - Find Registered Projects: On the homepage, look for a tab or link named “Registered Projects” or a similar term.
- Search the Project: You can search for the project by its name, the promoter’s (builder’s) name, or the RERA registration number.
- Check the Details: Once you find the project, you can view all its details, including the approved plans, project completion date, and current status. If you can’t find the project, it is likely not registered.
The Pattnaik Properties Promise: Our Commitment to RERA
For us at Pattnaik Properties, RERA is not just a law to be followed; it’s a reflection of our core values of transparency and integrity.
- 100% RERA Compliant: Every single one of our projects is registered with Odisha RERA. We welcome you to verify our status.
- Clear Documentation: From the booking form to the sale agreement, all our documents are RERA-compliant, ensuring there are no hidden clauses or surprises.
- On-Time Delivery: We are committed to the timelines we promise, a commitment that is legally backed by our RERA registration.
Choosing to invest with us means choosing peace of mind.
Frequently Asked Questions (FAQ)
Q1: Is it safe to buy a property in a project that is not RERA registered? It is extremely risky and not recommended. A non-RERA project offers you none of the legal protections mentioned above. You risk losing your money, facing indefinite delays, and receiving a property that doesn’t match what was promised.
Q2: What is the difference between carpet area, built-up area, and super built-up area?
- Carpet Area: The actual, usable area inside your home’s walls.
- Built-up Area: Carpet area + the thickness of the walls.
- Super Built-up Area: Built-up area + a proportionate share of common areas like lobbies, stairs, and clubhouses. RERA mandates that sales be based on Carpet Area for transparency.
Q3: Can a builder ask for more than 10% of the property value as an advance? No. According to RERA rules, a builder cannot accept more than 10% of the cost of the property as an advance payment or application fee before entering into a registered agreement for sale.
Your Safest Investment Starts Here
Understanding RERA is the first step towards a secure and prosperous real estate investment in Bhubaneswar. The second, and most important, step is choosing a developer who embraces it.
Ready to invest with confidence? Explore our fully compliant projects and speak to a team that puts your security first.
[Contact Us Today for a Transparent Consultation]
