Bhubaneswar, Oct 16: Following the publication of the draft of the Odisha Apartment (Ownership and Management) Bill, 2023 in the Odisha Gazette, the Department of Housing & Urban Development has initiated a 30-day period for the public to contribute their suggestions.

This bill, ratified by the Assembly during the monsoon session on September 26, is designed to consolidate regulations concerning apartment ownership within a building, encompassing undivided interests in communal areas and amenities.

It is set to enhance apartment management by addressing a range of associated matters. Under this bill, buyers can attain exclusive ownership of their apartment, accompanied by a right to undivided interests in communal spaces and facilities.

Moreover, the legislation mandates that promoters execute a deed of transfer of the apartment in the allottee's name, specifying the rights in detail as outlined under the Registration Act.

Notably, promoters who fail to comply with the provisions of the bill may face penalties of up to Rs 5 lakh for engaging in unfair practices.

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