Bhubaneswar: The Odisha Apartment (Ownership and Management) Bill, 2023 was passed in the State Assembly on Tuesday.
The new legislation will safeguard the interests of apartment owners. It will also ensure transparency in the purchase of apartments by customers.
The Bill has the provision to control the use of common areas in an apartment and create an allottee’s union fund for general expenses of the building.
Other provisions in the Bill are—
- To make necessary provisions regarding registration of common areas in the name of allottee’s association in accordance with the provisions of the Real Estate (Regulation and Development) Act.
- To register the association of allottees with the competent authority and make uniform provisions by bye-laws for various conditions for its management.
- To determine the relationship of each apartment owner to the apartment owners’ association and the rights and responsibilities thereof.
- To make provision for the formation of an association of apartment owners
- To arrange for insurance of the apartment and to ensure its structural stability
The Bill prepared under 5-T initiative is a reflection of the vision of Chief Minister Naveen Patnaik. It will help sort out the issues of apartment ownership and management and create mutual understanding and transparency among all individuals and organizations related to apartments.