Bhubaneswar, Sep 27: The Odisha Apartment (Ownership and Management) Bill, 2023 was passed in Odisha Assembly on Tuesday.

The Bill has several progressive and transformative provisions relating to the regulation of ownership of an individual apartment and its management.

The Bill intends to achieve the following objectives:

1. To regulate the use of common area in an Apartment

2. To create a common fund to meet the common expenses of an Apartment

3. To create necessary provisions relating to registration of common area in favour of Association of allottees in line with the provisions of RERA Act.

4. 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

5. To clearly spell out the accountability and responsibility of promoters

6. To provide for Rights and Responsibilities of each apartment owner in relation to the Association of Apartment Owners

7. To provide for formation of Association of Apartment Owners

8. To create provisions for insurance of the Apartment and ensure its structural stability

9.    To ensure compliance with the relevant Act, rules and Regulations to effectively safeguard the interest of the apartment owners

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