Odisha RERA revokes housing project’s registration, Real Estate News, ET RealEstate
BHUBANESWAR: Odisha Real Estate Regulatory Authority (ORERA) has revoked the registration of a real estate project because its approach road was on land belonging to the railways. It also barred the promoter from accessing the project site.
This is the second instance in the state when the registration certificate of an existing project has been revoked.
The project used a railway road for building plan approval as its approach road and received RERA approval. “Since even 10% of work did not progress in the project and there is no booking by homebuyers yet, revocation of the registration certificate under Section 7 (2) of the ORERA Act will not be prejudicial to the interest of homebuyers,” the ORERA letter stated.
The promoter’s bank account for the particular project was frozen, and he was also barred from accessing the website for showcasing the units and attract buyers.
