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Good news for the homebuyers as the issues pertaining to apartment registrations will get resolved as Odisha government is learnt to have given its nod to the Odisha Apartment (Ownership & Management) Bill 2023.
The government aims to make the laws governing housing projects comply with the Real Estate (Regulation and Development) Act, 2016, sources said.
After the enactment of the Real Estate (Regulation & Development) Act, 2016, it had become expedient to bring forth Amendment to the Odisha Apartment Ownership Act, 1982.
Hence, the new legislation was proposed instead of going for an exhaustive amendment in the existing Act, an official release read.
The legislation shall have provisions for regulation of ownership of an individual apartment making ownership rights on apartment heritable and transferable and regulation of use of common areas and facilities in an apartment having more than one building including multi-storied buildings and common fund created to meet common expenses.
Biswaranjan Mallick, an apartment owner said, “We have paid for common area and now the society will get ownership and legally a society can be formed. It is a matter of great happiness that registration of apartments can resume.”
According to the bill, association of allottees of housing projects have to be formed before the first sale deed of any flat in an apartment.
Real Estate expert, Bimalendu Pradhan said, “We hope that it will come as a Law soon so that the stalemate since May 2022 regarding registration of apartments can start and we can form association. The ownership will be with us.”
Earlier the ownership of the common area was with the builders and it led to controversies between apartment society and concerned builders. Due to this, there were hurdles in the registration of new and old apartments and the matter had even reached the Orissa High Court.
Subsequently, the Odisha government had apprised the Court to come up with new apartment ownership rules which has been approved by the state cabinet.
Provisions regarding accountabilities and responsibilities of promoters and rights and responsibilities of each owner in the apartment towards the association of apartment owners as well as formation of association of apartment owners have also been made.
Similarly, there will be provisions for insurance and for ensuring compliance with different provisions of the relevant Act in force, etc. with a view to effectively manage and control the apartment concept and to safeguard the interests of apartment owners.
CREDAI Odisha chairman, DS Tripathy said, “After RERA Act, there was a provision that if there are more than 50 per cent allottees booking, then an association of allottees will be formed. But there was no legal basis to form such association and hence government has come up with the provision in compliance with the RERA Act.”
(Reported by Chandan Paikaray)