Landmark Odisha Apartment Bill Unanimously Passed in State Assembly

The Odisha Apartment (Ownership and Management) Bill, 2023 swiftly approved by the Odisha Legislative Assembly a day after its presentation, marks a significant milestone. This landmark legislation introduces a range of progressive and transformative measures aimed at safeguarding the interests of apartment owners.

Key objectives of the Bill include:

Regulation of common area usage in apartments.
Establishment of a common fund to cover shared expenses.
Implementation of provisions for registering common areas in favor of the Association of allottees, aligning with the RERA Act.
Mandatory registration of the Association of allottees with the Competent Authority, standardizing terms and conditions in the bylaws.
Clarifying the promoters’ accountability and responsibilities.
Defining the rights and responsibilities of individual apartment owners concerning the Association of Apartment Owners.
Facilitating the formation of Apartment Owners’ Associations.
Introducing provisions for apartment insurance and ensuring structural stability.
Ensuring compliance with relevant Acts, rules, and regulations to effectively protect apartment owners’ interests.
In addition to passing the Odisha Apartment (Ownership and Management) Bill, 2023, the Assembly also approved five other bills today.

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