ORERA Launches Forensic Audits for Real Estate Projects
To boost transparency and accountability, the Odisha Real Estate Regulatory Authority (ORERA) is launching a new initiative involving specialized forensic audits of real estate projects. These audits will target projects facing delays, financial mismanagement, or irregularities, safeguarding homebuyers’ interests.
Forensic Audit Teams and Focus Areas
ORERA will deploy forensic audit teams to thoroughly investigate project accounts and financial records, focusing on significant delays, financial oversight issues, and unauthorized pre-launch bookings. Promoters must cooperate fully, providing all necessary documentation; non-compliance will result in penalties under the RERA Act.
Legal Basis and Expert Opinion
Supported by Section 35(1) of the RERA Act, empowering ORERA to request information and conduct inquiries, this move enhances regulatory oversight. Experts believe forensic audits will identify financial irregularities, prevent fund diversion, and reduce project delays, promoting better business practices.
Benefits for Homebuyers
Homebuyers benefit through reduced investment risk and a more trustworthy market. ORERA encourages reporting suspicious activities, promising prompt investigation and action. This proactive approach aims to address issues before they escalate, protecting homebuyers and fostering a more reliable real estate environment.
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