ORERA grants 4-month relief to housing projects hit by West Asia conflict | Bhubaneswar News


ORERA grants 4-month relief to housing projects hit by West Asia conflict
An under-construction apartment in Bhubaneswar.

Bhubaneswar: Acting on an advisory issued by the ministry of housing and urban affairs (MoHUA), Odisha Real Estate Regulatory Authority (ORERA) has granted a four-month extension of registration and project completion timelines for eligible projects, citing disruptions caused by the ongoing conflict in West Asia.In a major relief for the real estate sector, the ORERA said no fee would be charged from promoters for availing the extension.The regulator issued the order recently, stating that registered projects whose original, revised or previously extended completion date falls on or after Feb 28, 2026, would be eligible for the relief under the force majeure provisions of the Odisha Real Estate (Regulation and Development) Act, 2016.The decision follows a July 31 advisory from MoHUA asking all state RERAs to consider extending registration and completion timelines of projects affected by disruptions arising from the prevailing situation in West Asia, which the Centre has treated as “war” for the purpose of invoking the force majeure clause.Under the order, promoters can seek a four-month extension of project registration under Section 6 of the Act. The ORERA has also provided that eligible projects may continue, instead of facing revocation of registration under Section 7(3), subject to conditions deemed necessary to protect homebuyers’ interests.However, the authority clarified that the extension would not dilute developers’ statutory responsibilities. “Promoters will continue to be bound by the provisions of the RERA Act, Odisha RERA Rules, 2017, approved project plans and other registration conditions. Quarterly Progress Reports and other mandatory compliances must also continue to be submitted,” the order stated.Projects registered on or after Aug 1, 2026, have been kept outside the ambit of the general extension.The move comes nearly three months after developers welcomed the Union ministry’s advisory and urged ORERA to implement it. Industry representatives had argued that disruptions in the supply chain and volatility in the availability and prices of construction materials due to the West Asia conflict were affecting project execution schedules.



Source link

HTML Snippets Powered By : XYZScripts.com