Bhubaneswar: A day after its introduction, the state Assembly Tuesday passed the Odisha Apartment (Ownership and Management) Bill, 2023 to regulate apartment ownership and management, replacing the Odisha Apartment (Ownership and Management) Ordinance, 2023.
The Bill would help regulate the use of common area in an apartment, create a common fund to meet the common expenses of an apartment and create necessary provisions relating to registration of common area in favour of association of allottees in line with the provisions of Real Estate Regulatory Authority (RERA) Act.
Besides, it would 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. The legislation provides for formation of association of apartment owners and to create provisions for insurance of the apartment and ensure its structural stability.
According to the new legialation, a builder or promoter will have to handover the ownership certificate of common area to the owners’ association within 30 days of giving occupancy certificate to the flat buyer.
If the promoter fails to form the owners’ association or sells flats without issuing occupancy certificate, he will be liable to `5 lakh as fine. The Odisha Apartment Ownership Act, 1982 and Odisha Apartment Ownership Rules, 1992 intended to promote apartment and group housing.
However, over a period of time it had become essential to provide the individual apartment owners with the rights on common areas and facilities appurtenant to such apartment and the responsibility of its proper maintenance and to make such apartment and interest heritable and transferable.
PNN