Bhubaneswar: A reduction in the timeline for refunding the earnest money deposit (EMD) and modification to the interest regime are among the amendments the Bhubaneswar Development Authority (BDA) has made to the provisions of the Ekamra Residency housing project, which has been facing a poor response. The BDA said that the changes were necessary to align the project with the provisions of the Real Estate (Regulation and Development) Act (Rera), 2016.Among the major changes, the BDA has reduced the timeline for refunding the EMD to unsuccessful applicants from 60 days to 45 days after approval by Property Allotment Committee.The authority has also modified the interest regime applicable to delayed instalment payments.Instead of imposing a flat 12% annual interest rate, it has linked the charge to State Bank of India’s highest Marginal Cost of Lending Rate plus 2%, making the provision market-linked.The corrigendum has also removed references to ground rent from multiple clauses dealing with post-allotment obligations of buyers.Another significant amendment relates to taxation. While the earlier clause allowed the amount payable by buyers to increase in case of changes in tax rates, the revised wording states that the amount shall be recalculated according to the applicable tax revision. Legal experts said the modified language appears closer to standard Rera documentation.The authority has also rewritten portions of the allotment agreement dealing with the sale of apartments, rights of allottees and obligations of the promoter. In addition, a provision that earlier allowed the BDA to offer rebates for advance payment of instalments has effectively been neutralised, with the discount rate fixed at zero.The BDA officials said that the amendments are aimed at improving clarity and ensuring legal consistency rather than altering the fundamentals of the project. “It has been issued after a review of the brochure provisions. These are corrective measures intended to ensure conformity with applicable laws,” a BDA official said.Real estate observers said the most significant aspect of the corrigendum is the BDA’s explicit reliance on Rera. “Until now, the BDA had maintained that allotments were being governed under the Odisha Development Authorities framework. The corrigendum acknowledges the need to align the scheme with the Rera provisions,” real estate expert Bimalendu Pradhan said.