Bhubaneswar: A Workshop was held on April 5, 2017 by Housing and Urban Development Department, Government of Odisha for sensitization of builders, promoters, agents, architects and officials from development authorities and urban local bodies about Affordable Housing and recently notified Real Estate (Regulation and Development) Rules,2017. The Workshop was inaugurated by Shri Puspendra Singh Deo, Minister of Housing and Urban Development Department, Government of Odisha.
The Hon’ble minister in his inaugural address said that, “Policy for Housing for All in Urban Areas, Odisha, 2015” shall address the housing shortage in the State of Odisha and the Government intends to build over 1,00,000 houses in coming 5 years for Economically Weaker Sections(EWS) and LIG households. He also stressed upon the importance of bringing transparency and disclosure in the Real Estate Sector and said that the Government is committed to implement the Real Estate (Regulation and Development) Act, 2016. He also said that the implementation of RERA Act, Rules and Regulations will bring order and transparency in the whole real estate sector, benefiting all stakeholders and will further accelerate the real estate sector’s growth in the long run and increase its share in the State’s economy.
Workshop comprised of three technical sessions on Affordable Housing, Real Estate (Regulation and Development) Act, Rules and Regulations and Project Financing. The technical session on Affordable Housing was chaired by Sri G. Mathivathanan, Commissioner-cum-Secretary, Housing and Urban Development Department. During the technical session on Affordable Housing Dr. Krishan Kumar, Vice-Chairman, BDA told about the recent initiatives in building EWS and LIG dwelling units in Bhubaneswar. This was followed by presentation on Rental Housing by Sri Sachin R. Yadav, Director Housing, who highlighted about the recent success of rental housing initiative for migrant laborers in the State of Odisha. Speakers also called upon the developers to work along with the government agencies to address the housing shortage in the State of Odisha.
The second technical session on Real Estate (Regulation and Development) Act, Rules and Regulations emphasized upon creation of Odisha Real Estate Regulatory Authority and mandatory registration of projects and real estate agents. Commissioner cum Secretary, H & UD Department emphasised that the Act and Rules, will help in bringing transparency in the real estate market and protect the interest of the buyers and other stakeholders. The Act, Rules and Regulations are applicable to all commercial and residential real estate projects on plot size 500 square metres or more or comprising of eight or more apartments. The Act also provides for speedy redressal of grievances and provides for 60 days for disposal of appeals and grievances from the day of filing of the application.
A panel discussion on project financing was organized as third technical session. Technical Experts from IIFCL, SBI Caps, IL&FS Financial Services, National Housing Bank and HUDCO provided valuable insights about innovative methods for financing affordable housing and real estate projects. They also impressed upon the fact that adequate financing is available for this important sector.
More than 250 delegates comprising of promoters, real estate agents, professionals and officials of DAs & ULBs from Odisha and nearby States participated in the day long workshop.
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