By Bizodisha Bureau, Bhubaneswar, September 26, 2023: The Odisha Apartment (Ownership and Management) Bill, 2023 was passed in the Odisha Legislative Assembly on Tuesday, a day after it was tabled in the House.

The bill has several progressive and transformative provisions relating to the regulation of ownership of an individual apartment and its management and expectedly will safeguard the interests of the apartment owners.

The Bill intends to regulate the use of common area in an Apartment, create a common fund to meet the common expenses of an Apartment and to create necessary provisions relating to registration of common area in favour of Association of allottees in line with the provisions of RERA Act.

Besides, the Bill seeks to 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 bye-laws, to clearly spell out the accountability and responsibility of promoters, to provide for Rights and Responsibilities of each apartment owner in relation to the Association of Apartment Owners and to provide for formation of Association of Apartment Owners

The Bill also has provisions to ensure insurance of the Apartment and ensure its structural stability and compliance with the relevant Act, rules and Regulations to effectively safeguard the interest of the apartment owners

Besides the Odisha Apartment (Ownership and Management) Bill, 2023, five other bills were also passed in the Assembly today.