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Odisha Apartment Bill 2023: A Big Change in Apartment Ownership and Management In Odisha

Odisha Apartment Bill 2023: Following the enactment of the Real Estate (Regulation and Development) Act, 2016 (RERA), the existing laws governing apartment ownership required significant amendments. The RERA Act necessitates changes to ensure alignment with its provisions.

Bhuvneshwar,28 September(City Times):Odisha Apartment Bill 2023: In a significant move towards transforming the landscape of apartment ownership and management in Odisha, the Odisha Apartment (Ownership and Management) Bill, 2023, has been passed in the Odisha Legislative Assembly. This legislative milestone, which was introduced and passed within a day, brings forth several progressive provisions aimed at regulating apartment ownership and management.

Odisha Apartment Bill 2023
Representational Image.

The Bill’s Objectives

The primary objectives of the Odisha Apartment Bill, 2023, include:

1. Regulation of Common Areas

The bill seeks to regulate the use of common areas within apartments to ensure efficient and equitable utilization.

2. Creation of a Common Fund

To meet common expenses related to apartment maintenance and management, the bill introduces the creation of a common fund.

3. Registration of Common Areas

In alignment with the provisions of the Real Estate (Regulation and Development) Act (RERA), the bill focuses on the registration of common areas in favour of associations of allottees.

4. Formation of Associations

The bill paves the way for the formation of associations of apartment owners, providing a structured framework for their functioning.

5. Accountability of Promoters

It clearly outlines the accountability and responsibility of promoters in apartment projects.

6. Rights and Responsibilities

The bill defines the rights and responsibilities of individual apartment owners concerning their respective associations.

7. Insurance and Structural Stability

Provisions are made for the insurance of apartments and ensuring their structural stability, enhancing safety.

8. Compliance with Regulations

The bill emphasizes strict compliance with relevant acts, rules, and regulations to safeguard the interests of apartment owners.

Background:

Need for the Bill

The Odisha Apartment (Ownership and Management) Bill, 2023, replaces the existing Odisha Apartment Ownership Act, 1982, and Odisha Apartment Ownership Rules, 1992. The need for this comprehensive legislation arises from operational deficiencies in the earlier Act and Rules. These deficiencies included inadequate safeguards for apartment owners and outdated provisions that hindered the registration of apartments.

Impact of RERA

Following the enactment of the Real Estate (Regulation and Development) Act, 2016 (RERA), the existing laws governing apartment ownership required significant amendments. The RERA Act necessitates changes to ensure alignment with its provisions.

Key Provisions:

Exclusive Ownership and Possession

Under the new legislation, apartment buyers will have exclusive ownership and possession of their apartments, along with the right to an undivided interest in common areas and facilities.

Registration of Common Areas

The builder or promoter is obligated to hand over the ownership certificate of common areas to the owners’ association within 30 days of issuing an occupancy certificate to flat buyers.

Promoter Accountability

Promoters who fail to form owners’ associations or sell flats without issuing occupancy certificates will face penalties of up to ₹5 lakhs.

A Step Towards RERA Compliance

The Odisha Apartment Bill, 2023, is a reflection of Chief Minister Naveen Patnaik’s vision and is in line with the 5-T initiative. It addresses the challenges associated with apartment ownership and management and fosters transparency and mutual understanding among stakeholders.

Additional Legislative Developments

Apart from the Odisha Apartment Bill, several other bills have been passed by the Odisha Assembly. Notably, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Odisha Amendment) Bill, 2023, aims to streamline land acquisition processes for vital projects. This includes the exemption of strategic and development projects from social impact assessments (SIAs), expediting infrastructure and industrial development.

Significant shift in the regulation

The Odisha Apartment Bill, 2023, marks a significant shift in the regulation and management of apartments in the state. By aligning with RERA and addressing the shortcomings of previous legislation, this bill enhances apartment owners’ rights, streamlines management, and ensures compliance with modern standards. It represents a proactive step towards fostering growth and development in Odisha’s real estate sector while safeguarding the interests of apartment owners and promoting transparency.

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