Odisha RERA Tightens Reporting Norms for Real Estate Agents
The Odisha Real Estate Regulatory Authority (ORERA) has taken a significant step toward enhancing transparency in the property sector by introducing a comprehensive new format for quarterly progress reports (QPRs) that all registered real estate agents must follow.
This directive, issued under the Real Estate (Regulation and Development) Act, 2016, comes as a response to audit observations from the Directorate of Audit, Indirect Taxes and Customs, which identified widespread non-compliance and insufficient data in existing quarterly filings by agents.
What the New Reporting Format Includes
The revised proforma represents a substantial upgrade in disclosure requirements. Real estate agents will now need to provide detailed transaction-level information covering multiple aspects of their business operations.
The updated format mandates disclosure of:
- Agent's name and RERA registration number
- GST details and complete project information
- Promoter details and brokerage commission earned
- Agent's specific role as per agreement
- Complete allottee details and agreement dates
- Comprehensive financial transaction records
- Copies of sale, conveyance, and lease agreements
- Register entries and supporting documentation
This comprehensive approach aims to eliminate data gaps and ensure agents maintain transparent records of all their dealings with both property buyers and promoters.
Implementation Timeline and Compliance Requirements
The new reporting requirements will take effect starting from the quarter ending December 2025, with agents required to submit these detailed QPRs every three months thereafter.
ORERA officials have made it clear that non-compliance with these new reporting standards may attract penal provisions under the RERA Act. The authority has instructed agents to include all necessary annexures detailing agreements and financial receipts with their quarterly submissions.
The directive explicitly states: "This direction under RE (R&D) Act, 2016 is issued to be followed by the real estate agents to submit QPR for the quarter ending Dec 2025 and onwards in the revised proforma."
Broader Impact on Real Estate Sector
This move represents ORERA's continued strict enforcement of QPR norms for both promoters and agents in the real estate sector. Quarterly progress reports have played a vital role in enabling the authority to monitor actual progress of real estate projects, while also allowing buyers and investors to track development of projects where they have invested money.
The enhanced reporting format is expected to significantly improve regulatory oversight and better protect consumer interests in Odisha's growing property market. By requiring detailed transaction-level data, ORERA aims to create a more accountable and transparent real estate ecosystem that benefits all stakeholders.
The initiative follows the central government's requirement for specific information regarding real estate agents' turnover on a quarterly basis, demonstrating increased coordination between state and central regulatory bodies in monitoring the property sector.
