RERA Registration in Odisha
RERA Registration Fees in Odisha Starts from ₹99,000
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RERA Odisha Registration: Process, Fees, and Required Documents
If you're planning to enter the real estate market in Odisha as an agent, developer, or buyer, you should understand the Real Estate Regulatory Authority (RERA) guidelines for the state. RERA was enacted to safeguard homeowners and to bring transparency to real estate ventures.
In this article, we'll explain how to complete the RERA Odisha registration procedure as well as the associated fees and documents that are required to ensure that you as a developer and agent stay up to date. If you are having issues with your registration Contact, Professional Utilities to help you complete the registration and help simplify the process.
Table of Content
What is RERA Registration?
It is essential under RERA Odisha for any real estate developer or real estate agent having projects of over 500 square meters or with more than eight apartments to register under the RERA. The idea behind this is to make the developers provide buyers with the correct details of the project and also to adhere to timelines for completion.
The registration to RERA Odisha will ensure legality and compatibility, hence keeping the real estate agents away from any kind of legal complication while improving their credibility.
Why is RERA Odisha Registration Important?
The primary goal for RERA Odisha Act is to make real estate transactions open and transparent. The purchaser is guaranteed that the money he invests is safe when a developer or agent registers with the RERA.
RERA registration is mandatory in Odisha and projects can't be advertised, sold or booked without the registration. If they do not comply with this requirement, the developers or agents could be penalized up to 10 percent of the cost of the project or even jailed.
Who Can Apply for RERA Odisha Registration?
The following parties are required to register with RERA Odisha:
- Real Estate Developers: Before selling or advertising their projects, promoters of residential or commercial projects are required to register.
- Real Estate Agents: Any agents facilitating sales or purchases of RERA-registered projects must undergo registration.
- Ongoing Projects: Projects that are incomplete at the start of the RERA Act are also supposed to be registered.
RERA Odisha Registration Process
The RERA Odisha registration process is straightforward but needs to be completed accurately. Below is a step-by-step breakdown:
Step 1: Visit the RERA Odisha Portal
The RERA authority is different for every state, and for Odisha, you need to complete the registration process through the Odisha RERA Registration Portal. This portal is specifically designed for developers and agents operating in Odisha to submit their project or agent registration details as required under the Odisha Real Estate Regulatory Authority
Step 2: Choose the Appropriate Form
When applying, it’s important to select the right category (developer or agent). Developers must submit project details, while agents are required to provide their personal and business information. However, the RERA Odisha registration online portal is easy to access, but navigating the required sections can be a bit difficult if you don’t have prior knowledge.
Step 3: Submit Required Details
You will be required to provide specific information during the RERA Odisha registration process, including:
- Project details (for developers): Type of project, size, location, etc.
- Financial information: Details of bank account for the project, total cost, and funding sources.
- Past projects (for developers): If applicable, a history of previously completed projects.
- Documents required for RERA registration: Land ownership proof, a copy of the project's approval by relevant authorities, PAN card, legal title deed, etc.
Step 4: Payment of RERA Odisha Registration Fees
Once you fill the application, you will have to pay the RERA Odisha registration fees. The RERA registration fees for residential projects vary on an average between ₹10 to ₹15 per square meter, based on the total area of the project. The fee for group housing projects is ₹10 per sq. m for up to 1,000 sq. m and ₹15 per sq. m for larger projects. For commercial areas, the fees are ₹20 to ₹25 per square meter depending on the project. For any type of project, the maximum fees are capped at ₹10 lakh to limit higher-end costs.
Step 5: Verification and Approval
Once the application has been submitted along with the required RERA registration fee, your documents will be verified by the RERA Odisha authority. When everything is alright, a unique registration number will be issued for your project.
Step 5: Display of RERA Odisha Registration Number
Once registered, the RERA Odisha registration number must be prominently displayed in all promotional materials, assuring buyers of compliance with the law.
Documents Required for RERA Odisha Registration
Depending on whether you are a developer or real estate agent, different documents are required for RERA Odisha registration. Below is a checklist:
- 1. For Developers:
- PAN card of the promoter.
- The audited balance sheet of the previous financial year.
- The legal title deed of the land.
- Certified copy of the sanctioned building plan and layout.
- No objection certificate (NOC) from relevant authorities.
- Details of the project’s bank account.
- PAN card.
- Passport-size photograph.
- Address proof.
- Income tax returns for the past three years.
- Details of the firm including name and registered address.
RERA Odisha Registration Fees
RERA Registration Fees in Odisha vary by applicant type. Developers pay ₹10-₹25 per sq. m., capped at ₹10 lakh, while real estate agents pay ₹10,000 (individuals) or ₹50,000 (firms/companies). Below is a detailed fee structure:
| Category | Type | Fee Details |
|---|---|---|
| For Developers | Residential Projects | ₹10 per sq. m (up to 1,000 sq. m.) |
| ₹15 per sq. m (above 1,000 sq. m.) | ||
| Fee capped at ₹10 lakh | ||
| Commercial Projects | ₹20 per sq. m (up to 1,000 sq. m.) | |
| ₹25 per sq. m (above 1,000 sq. m.) | ||
| Fee capped at ₹10 lakh | ||
| For Real Estate Agents | Individual Agents | ₹10,000 registration fee, ₹2,000 renewal fee |
| Other Entities | ₹50,000 |
Note: Professional fee for RERA in Odisha starts from ₹99,000. The aforementioned fees are exclusive of GST.
Benefits of RERA Odisha Registration
Obtaining RERA Odisha registration offers several benefits:
- Legal Compliance: Your project or agency will meet state and national legal requirements.
- Transparency: Registration promotes confidence among homebuyers by providing accurate information.
- Dispute Resolution: With registered projects, disputes can be resolved more quickly with the aid of the RERA authority.
- Increased Credibility: Showing your RERA number automatically gives more credibility to attract more buyers.
- Financial Accountability: Developers should open a separate account in the bank for the project and ensure that the money of the buyers is utilized judiciously.
Conclusion
RERA Odisha registration is required for all agents and developers who are involved in real estate development projects. It's transparent, secures the purchasers, and ensures compliance with the state's regulations. No matter if you're developing a plan or an agent managing sales, RERA registration is required to stay clear of legal issues and improve your credibility.
RERA Odisha registration is required for all agents and developers who are involved in real estate development projects. It's transparent, secures the purchasers, and ensures compliance with the state's regulations. No matter Professional Utilities assists you in the complete RERA Odisha registration procedure and will also take care of the necessary compliances and smooth operation. Contact us today if require assistance with registration.
Frequently Asked Questions (FAQs)
What are the benefits of getting RERA Registration in Kerala compared to Odisha?
Getting RERA Registration in Kerala is generally more streamlined and faster compared to Odisha. Kerala has well-established regulatory offices and quicker processing, while Odisha may involve more verification steps and slightly longer approval timelines.
What is RERA registration?
It is mandatory to register with RERA by developers and real estate agents to ensure transparency and protect buyers interests.
Who needs to register under RERA?
The developers and agents who undertake projects greater than 500 square meters or have over eight units have to register.
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