State Urban Development Minister Usha Devi introduced the Odisha Apartment (Ownership & Management) Bill, 2023 in the Assembly on Monday. However, the introduction of the Bill has now put the real estate developers and buyers in quandary, as they believe the Bill lacks clarity.
Though the introduction of the Bill has paved way for around Rs 5000 crore-real estate market to flourish in the State, the builders and customers are yet to have clarity on the legislation.
There are questions like - Does the society need to pay for the common area if it is handed over to the customers? Who will bear the cost of society registration? If not all the flats are booked, will the builder spend for the development of common area or not?
Meanwhile, the Builders' Association is of the opinion that the flat may cost more if the developers are asked bear the above expenses.
“The common area will be registered in the name of the society. But the question is who will bear the expenses. Earlier the customers used to pay for it. We were hopeful, the government may exempt the charges. But, government’s decision on the same is still unclear,” said DS Tripathi, president of CREDAI.
On the other hand, the customers said that the builders fix the price of the flats by adding up all charges. Therefore, the introduction of the Bill should not increase the prices of the flats.
“There is no mention of sale and purchase in the Odisha Apartment Bill. But it has mentioned the guidelines for the management of an apartment. Like before, we will pay for the land, stamp duty and registration charges. So there is no chance of price hike,” said Bimalendu Pradhan, a customer.
Meanwhile, minister, Usha Devi said that the Bill has all benefits.
“The Odisha Apartment Bill has been introduced and it is yet to be passed in the House. The Bill has all the benefits, hence it was tabled,” the minister said.
(Reported by Harihar Chand and Chandan Paikray, OTV)