An Odisha Apartment (Ownership and Management) Bill, 2023 was passed in the State Assembly on Tuesday.
It has several progressive and transformative provisions relating to regulation of ownership of an individual apartment and its management.
It would regulate the use of common area in an apartment, create a common fund to meet the common expenses of an apartment, create necessary provisions relating to registration of common area in favour of association of allottees in line with the provisions of RERA Act and provide for registration of association of allottees with the competent authority to make uniform provisions for registration and its terms and conditions to be provided in the bylaws.
Besides, the Bill aims to clearly spell out the accountability and responsibility of promoters, provide for rights and responsibilities of each apartment owner in relation to the association of apartment owners, provide for formation of association of apartment owners, create provisions for insurance of the apartment and ensure its structural stability.
It would also ensure compliance of the relevant Act, rules and regulations to effectively safeguard the interest of the apartment owners.
It will conclusively address the issues of ownership of the apartment and its management and will instill a sense of confidence and an environment of transparency among all the stakeholders.