In a good news for existing and aspiring flat owners, the Housing and Urban Development Department of the Odisha government notified the Apartment (Ownership and Management) Rules, 2024.
The rules provide for registration and formation of an association of allottees and provision for modification of bye-laws of the association of the allottees or apartment owners among others.
As per the Odisha government, the rules aim to regulate the use of common area in an apartment. It will also help create a common fund to meet the common expenses of the same.
Under the rule, necessary provisions have been made relating to registration of common area in favour of association of allottees in line with the provisions of RERA Act.
It provides 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. It also clearly spells out the accountability and responsibility of promoters.
The rule provides for Rights and Responsibilities of each apartment owner in relation to the association of apartment owners and to create provisions for insurance of the apartment and ensure its structural stability.
It will ensure compliance with the relevant Act, rules and Regulations to effectively safeguard the interest of the apartment owners.
Notably, the legislation was framed and draft rules were notified in October 2023. The government then invited objections or suggestions from the stakeholders concerned to bring necessary modifications to it.
After the expiry of the suggestion period and duly considering all the suggestions, the Odisha government finally notified the rules on February 16, which will come into effect on the date of its publication in the Odisha Gazette.