CREDAI Odisha welcomes 4-month extension advisory for real estate projects

Bhubaneswar: The Odisha chapter of Confederation of Real Estate Developers’ Associations of India (CREDAI) has welcomed the advisory issued by the Ministry of Housing and Urban Affairs (MoHUA) to grant a four-month extension in the registration and corresponding completion timelines of eligible real estate projects affected by disruptions arising from the ongoing situation in West Asia.

In an advisory issued on Friday, the Ministry said the prevailing situation in West Asia has adversely affected global supply chains, resulting in shortages of construction materials and impacting the timely execution of real estate projects across the country. The Ministry has advised all states, Union Territories, and Real Estate Regulatory Authorities (RERAs) to extend the registration of eligible projects whose completion date, revised completion date, or previously extended completion date falls on or after 28 February 2026, by a period of four months, under the Force Majeure provisions of the Real Estate (Regulation and Development) Act, 2016.

Welcoming the decision, Chairman of CREDAI Odisha and Vice-President of CREDAI National Swadesh Kumar Routray welcomed said, “We sincerely appreciate the proactive and timely intervention of the Ministry. This advisory provides much-needed relief to developers who have faced unavoidable project delays due to global supply chain disruption. It will facilitate orderly completion of projects while protecting the interests of homebuyers and strengthening confidence in the real estate sector.”

“This landmark relief has been made possible through the consistent efforts, strong representation, and visionary leadership of Shekhar G. Patel, President of CREDAI National, who continuously engaged with the Government of India to highlight the challenges being faced by the real estate sector. We express our sincere gratitude to the Union Minister for Housing & Urban Affairs and the Ministry for recognizing these challenges and issuing this timely advisory,” he added.

Referring to Odisha, Routray said, “We urge the Odisha Real Estate Regulatory Authority (ORERA) to implement the Ministry’s advisory at the earliest by issuing the necessary notification for eligible projects in Odisha. Such timely action will benefit both developers and thousands of homebuyers across the State by ensuring smooth project completion without unnecessary procedural hurdles.”

In a press release, CREDAI Odisha also reiterated its commitment to working closely with the Government of Odisha, ORERA, and all stakeholders to promote transparent, sustainable, and consumer-centric growth of the real estate sector in the State.