Bhubaneswar: The state cabinet has approved a proposal to enact a new Apartment Ownership Act to do away with certain deficiencies in the existing law.
The Odisha Apartment (Ownership & Management) Bill, 2023, received the cabinet nod at its meeting held on Thursday. The aim is to make the laws governing housing projects comply with the Real Estate (Regulation and Development) Act, 2016, sources said.
An official release said that the Odisha Apartment Ownership Act,1982 was enacted with a view to making provisions for ownership of an individual apartment which came into force on 01.05.1984 and the Rules framed called “Odisha Apartment Ownership Rules, 1992”.
In course of administration of the provisions of the Act and Rules made thereunder; it has been experienced that it suffers from some operational deficiencies relating to appropriate definitions, jurisdiction and powers of the Competent Authority, inadequate safeguard of the interest of apartment owners.
After the enactment of the Real Estate (Regulation & Development) Act, 2016, it has 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, it said.
The legislation shall have provisions for regulation of ownership of an individual apartment making ownership rights on apartment as heritable and transferable and regulation of use of common areas and facilities in an apartment having more than one building including multi-storied building and common fund created to meet the common expenses.
It will also have other provisions relating to registration of common area in the name of the Association of Allottes, specific provisions for registration of Association of Allottees with the competent authority so as to make uniform provisions for registration and its terms and conditions to be provided in the bye-law.
The law will have provisions regarding accountabilities and responsibilities of promoters and rights and responsibilities of each owner of Apartment towards Associations of Apartment owners as well as formation of Association of apartment owners.
This apart, there will be provisions for insurance and for ensuring compliance of different provisions of the relevant Act in force, etc. with a view to effectively manage and control the apartment concept and to safeguard the interest of apartment owners.