Odisha Real Estate Feels Crushed By Scams

Builders of Odisha fear that the real estate market may become crushed as news about real estate scams came out. Odisha Real Estate has determined to wash off the stain away and with this purpose CREDAI- Odisha Chapter has appointed a scrutiny- committee to check out the membership applications.
Odisha real estate builders have become highly cautious

Will Odisha real estate be able to acquire the trust of home- buyers?

Once the news came out as businessman Tirupati Panigrahi was arrested along with two associates of him, the real estate players in the state is cautious as the real estate scam may adversely hit housing market.

Businessman Tirupati Panigrahi and two associates of him were recently arrested for real estate scam. The real estate builders fears that the real estate scam news will hit the real estate sector adversely. The sale of housing –units will be all the more affected.

Home pickers have become very cautious about having some real estate investments. Pushing the real estate builders to more crises, many complaints too came up. Real estate builders are alleged of going against their promises.

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CREDAI Odisha Chapter head Mr. D S Tripathy said that the real estate investors as well as prospective home buyers are staying away from real estate investments. The credibility of the builders has been lost due to these instances.

Odisha real estate market faces a slowdown in the real estate market. Mr. Tripathy said that this situation is mainly due to the over- supply. He opined that the situation got worsened with the news of real estate scams. The builders are distrusted by the prospective home buyers who stay away from purchasing homes.

Against Panigrahi alone nearly 400 complaints are filed. He is alleged of deceiving the investors who still remain to gain their land- parcels as offered by him.

Housing prices grew till 2010 due to many reasons and factors. However the housing prices remained stagnant in the last two years. More than one lakh residential units are being constructed in and around the Bhubaneswar city.

To ensure better transparency and credibility CREDAI has appointed a committee comprising two members who will be looking into the matters related to builders accountability and credibility. The CREDAI membership will only be given after scrutinizing the dubious credentials of the builders, the Odisha CREDAI chief clearly stated.

The appointment of scrutiny- committee is said to be boosted by the embarrassing situation Odisha – CREDAI had to face from the non-resident Odias. Non-resident Odias (NROs) had complained, during the Dubai –Property Show, to the CREDAI that they are cheated by the builders. Around 25 NROs had filed their complaints. Most of them showed lack of interest in properties showcased by the Odisha -centered real estate builders.

Nearly eleven developers of the city had showcased their properties-comprising both affordable and top-end properties in Dubai property show. Though most of these properties are located in and around Bhubaneswar city, they remained unattractive to the prospective non-resident Indian (NRI) buyers residing in United Arab Emirates (UAE).

Odisha Real Estate Developers Association’s – (REDA) head Pradipta Kumar Biswasroy asked the home buyers to be cautious over the offers of the real estate builders. He suggested them to approach them with extreme caution so as to avoid all sorts of scams.

Bhubaneswar Development Authority planning member P K Patnaik said that the home buyers can successfully examine the credibility of the builders on the BDA website. Going through the site the home buyers can realize whether the project is approved or not.

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