RERA in Bhubaneswar – All You Need to Know

Bhubaneswar, the capital of Odisha, is witnessing a rapid transformation in its urban landscape, emerging as a significant player in India's real estate sector. With a strategic plan for expansion and modernisation, the city has seen a surge in residential and commercial developments, driven by both public and private investments. Bhubaneswar's appeal as an educational hub and a tourist destination has further boosted demand for real estate.

The Real Estate (Regulation and Development) Act, commonly referred to as RERA, has ushered in substantial transformations in Bhubaneswar’s real estate landscape. Designed to bolster transparency, accountability, and operational efficiency within the sector, RERA stands poised to benefit both homebuyers and developers alike. By enforcing rigorous compliance with project deadlines and quality benchmarks, alongside the availability of accessible home loan solutions such as those offered by Bajaj Housing Finance, aspiring homeowners can now approach the market with assurance, empowering them to make well-informed choices in pursuit of their homeownership aspirations.

What is RERA in Bhubaneswar?

The Real Estate (Regulation and Development) Act, 2016, known as RERA, is a transformative piece of legislation introduced to regulate India's real estate sector, with specific provisions tailored for cities like Bhubaneswar. The primary objective of RERA in Bhubaneswar is to promote transparency, accountability, and efficiency in real estate transactions. The Odisha Real Estate Regulatory Authority is the governing body responsible for overseeing the implementation and compliance of RERA in Bhubaneswar. This legislation benefits the real estate sector by ensuring timely project delivery, protecting buyer investments, and establishing a dispute resolution mechanism.

What is function of the RERA in Bhubaneswar?

RERA in Bhubaneswar performs several key functions to regulate the real estate sector effectively:

• Project registration: Mandating all real estate projects to register with the Odisha RERA before they can be marketed or sold.
• Transparency promotion: Enforcing developers to disclose detailed project information to buyers and on the RERA portal.
• Consumer protection: Facilitating a robust grievance redressal system that ensures consumer complaints are addressed promptly and efficiently.

RERA in Bhubaneswar: How can you access approved projects list?

To access the list of RERA-approved projects in Bhubaneswar, follow these steps:

1. Visit the official website of the Odisha Real Estate Regulatory Authority.
2. Navigate to the 'Registered Projects' section on the homepage.
3. Select 'Bhubaneswar' from the dropdown menu to filter projects specific to the city.
4. Review the list of projects that have complied with RERA's guidelines.
5. Click on any project listing to view detailed information including registration status, project details, and developer credentials.

What are the rules and regulations of the RERA Act in Bhubaneswar?

The RERA Act in Bhubaneswar imposes strict regulations to ensure fair practices in the real estate sector:

• Mandatory disclosure: Developers are required to provide comprehensive details of their projects, including land status, approvals, project plan, and timeline.
• Escrow account requirement: A minimum of 70% of the funds collected from buyers for a project must be deposited in an escrow account and used solely for construction purposes.
• Timely completion: Developers are obligated to adhere to the stipulated timelines for project completion as registered under RERA.

How can you register with RERA Act in Bhubaneswar?

To register a project under RERA in Bhubaneswar, developers must undertake the following steps:

1. Assemble all necessary documents, such as title deeds, project plans approved by the municipal authorities, and details of the project development team.
2. Fill out the RERA registration application form available on the Odisha RERA website.
3. Submit the application along with the required documents and the registration fee.
4. Upon approval, receive a RERA registration number which must be displayed in all project advertisements and promotions.

What are the fees and charges of RERA in Bhubaneswar?

RERA has transformed the real estate scenario in Bhubaneswar, elevating transparency, accountability, and ensuring consumer protection. Familiarising yourself with Bhubaneswar’s RERA regulations and utilising financial solutions such as the Bajaj Housing Finance Home Loan equips you with the confidence to navigate the property market wisely and make well-informed choices.

Why choose Bajaj Housing Finance Home Loan in Bhubaneswar?

Bajaj Housing Finance Home Loan offers comprehensive financial solutions tailored for prospective homebuyers in Bhubaneswar, enhancing the property-buying experience. Here is why it's worth considering Bajaj Finance for your home loan:

• Efficient application process: Simplified online application process with quick approval, typically within 48 Hours*.
• Competitive interest rates: Attractive interest rates starting from as low as 7.99%*  p.a. help maintain affordable EMIs.
• Flexible repayment options: Customisable repayment plans with terms up to 32 years, aiding financial management.
• Top-up loan for extra requirements: Additional funding available for renovations or expansions, featuring competitive rates and minimal paperwork.

Opting for Bajaj Finance for your home loan in Bhubaneswar not only provides access to flexible, cost-effective financing options but also ensures a transparent and supportive process, helping you achieve your dream of owning a home.