The Odisha Real Estate Regulatory Authority (ORERA) on October 17, 2024, issued a corrigendum regarding the Project Closure Policy.
The following has been stated: -
• It has modified its project closure policy to prioritize homebuyers' interests and adhere to the Real Estate (Regulation and Development) Act, 2016.
•Up to 1% of the project cost will be retained in a designated account for five years after completion to cover structural defect repairs and other issues.
•Promoters funding projects themselves will bear repair expenses.
•Project closure requires promoters to submit an application, which will be approved upon meeting specified criteria.
The detailed notification is given in the document below.
[Notification No. 7213/ORERA, Bhubaneswar]
