The Real Estate (Regulatory and Development) Act has been on a roll throughout the country since its implementation in May earlier this year. However, there are some parts of the country which still lack the presence of the real estate Act. One of them is Odisha, where the industry has been strongly hit due to poor implementation of the Act.
There has been no guidance for promoters and brokers in the state about the Act. As there are no projects with RERA number, promoters are unable to advertise leaving the businesses in trouble.
The president of CREDAI Odisha, DS Tripathy also raised his concern over the Real Estate Industry’s situation in the state speaking at a press conference.