Odisha Apartment (Ownership and Management) Bill, 2023 passed in Legislative Assembly

Bhubaneswar: The legislative Assembly today passed Odisha Apartment (Ownership and Management) Bill, 2023, a day after it was tabled in the House during its Monsoon Session.

An official source said that previous Acts had some operational deficiencies and were not adequate to fully protect the interests of the apartment owners. Hence, the State government decided to bring new legislation instead of going for exhaustive amendment of the existing Acts and Rules.

Odisha Apartment (Ownership and Management) Bill, 2023 has several progressive and transformative provisions relating to the regulation of ownership of an individual apartment and its management.

The Bill intends to achieve the following objectives:

1. To regulate the use of common areas in an Apartment.
2. To create a common fund to meet the common expenses of an Apartment.
3. To create necessary provisions relating to the registration of common areas in favour of the Association of Allottees in line with the provisions of RERA Act.
4. To provide for the registration of the Association of Allottees with the Competent Authority to make uniform provisions for registration and its terms and conditions to be provided in the bylaws.
5. To clearly spell out the accountability and responsibility of promoters.
6. To provide for the Rights and Responsibilities of each apartment owner in relation to the Association of Apartment Owners.
7. To provide for the formation of the Association of Apartment Owners.
8. To create provisions for insurance of the Apartment and ensure its structural stability.
9. To ensure compliance with the relevant Act, rules, and Regulations to effectively safeguard the interest of the apartment owners.

Notably, the proposed Bill will conclusively address the issues of ownership of the Apartment and its management and will instill a sense of confidence among all the stakeholders.