OPID Act can’t be allowed to govern field of Real Estate transactions: Orissa HC

Cuttack: The Orissa High Court recently held that an offence under the OPID Act cannot be allowed to govern the field of Real Estate transactions as the consideration paid for transfer of immovable property do not fall under the definition of ‘deposit’ as defined under Section 2 (b) of the OPID Act. The concerned case was being heard in the Court of Justice SK Panigrahi.

The High Court said about non- application of OPID Act to builders/realtors in case of any default in handing over the flats to the flat buyers because the builders/ realtors are not Financial establishments nor are they dealing with any kind of deposit.

On the other hand the Court held that in the above situation case can be filed under the provisions of the Real Estate (Regulation and Development) Act  under sections 12, 18 and 19 (4).

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