Bhubaneswar( Kalinga Voice) : Growth in the real estate sector is a formidable indicator of a healthy economy, but there are so many challenges which also make it very unpredictable. There are interdependencies, institutional preferences, policies, regulations and a host of other factors which contribute to this sector substantially, but what influences it the most is the relation of trust and credibility which exists between the real estate developers/promoters and the home buyers. The sanguinity of their intentions while entering into the agreement and the efforts given by them to sustain it is what the key to the success of this sector. Since, is a highly capital intensive activity, absence of any institutional mechanism to curb any tendency of fraud or cheating can have catastrophic consequences.
Government of Odisha is conscious of these dynamics and therefore it was one of the pioneering States to have established Real Estate Regulatory Authority (ORERA) in accordance with the provisions of the Real Estate (Regulation & Development) Act, 2016. ORERA has been made operational three years back. Now it is an established institution and the number of application received for registration of projects and for resolution of disputes in ORERA is increasing rapidly. Under the given circumstances, the grievances against the orders and directions of ORERA have also registered an increase.
For hearing appeals against the order of the Authority, Government was trying relentlessly to establish a full-fledged and regular Odisha Real Estate Appellate Tribunal (OREAT). Justice Subash Chandra Parija, Retired Judge, High Court of Orissa was appointed as the Chairperson of the Tribunal and Mr. Ishan Kumar Dash and Mr Malaya Chatterjee have been appointed by Government to act as Members of the Tribunal. In the mean while, space for the permanent office of OREAT has been allotted at Toshali Bhawan,Satya Nagar, Bhubaneswar and another fully furnished space has been allotted by the Government at Fortune Towers for the temporary office of OREAT. An officer of the rank District Judge Sri Akhila Kumar Pashimakabat has also been appointed by the Government to act as Registrar of the Tribunal. Also logistics and 38 posts have been sanctioned by the Government. Many of the employees have already joined the Tribunal. The Tribunal has completed all the preparation to commence its functioning. All the cases filed before the Sales Tax Tribunal and at other places during the interim period have also been transferred to OREAT.
The Tribunal has therefore issued a Public Notice on date 17.08.2020 announcing their decision to commence judicial proceedings from 2nd of September 2020. This has brought an end to the prolonged waiting of the people. In view of the risk in organising hearing in person, the Tribunal shall hear the cases through video conferencing and arrangements have also been made for making the order available to interested parties through e-Mail.
With functioning of OREAT, Government of Odisha has joined the club of a few selected States, which have established regular Real Estate Appellate Tribunals. This is expected to bring in a huge transformation in the real estate sector and is likely to ensure absolute transparency in the transaction by effective handling of appeals.
