Bhubaneswar, May 27 -- In a significant step aimed at bringing greater transparency to the real estate sector, the Odisha Real Estate Regulatory Authority (ORERA) has tightened regulations for builders and promoters operating in the State.

The authority has made it mandatory for builders to submit Quarterly Progress Reports (QPR) every three months to ensure that flat buyers are not misled or cheated during apartment purchases.

Under the new enforcement mechanism, builders who fail to comply with the rules could face strict action, including freezing of bank accounts and cancellation of project registrations.

ORERA officials said the move has been introduced to protect the interests of homebuyers and improve accountability in the housi...