Bhubaneswar: The Odisha government has finally published the draft of the Odisha Apartment (Ownership and Management) Bill, 2023, in the Odisha Gazette. By publishing the draft of the Bill, the Housing & Urban Development Department of the state government has sought suggestions from people within 30 days.
The Odisha Apartment (Ownership and Management) Bill, 2023, was passed in the State Assembly during the recently concluded Monsoon Session on September 26.
Odisha Apartment (Ownership and Management) Bill, 2023, aims to consolidate the laws regarding ownership of an individual apartment in a building with an undivided interest in the common areas and facilities and to provide for better management of such apartments.
The draft of the Odisha Apartment (Ownership and Management) Bill will replace an Ordinance. Now, apartment buyers will have exclusive ownership and possession of an apartment with the right to an undivided interest in common areas and facilities.
The Bill also provides that the promoter will have to execute a deed of transfer of apartment in the name of the allottee mentioning the right in derails under the Registration Act. Promoters, who will not abide by the provisions of the Bill, will be penalised up to Rs 5 lakh for unfair practices.
