Odisha Apartment (Ownership & Management) Bill, 2023 – At A Glance

The much-anticipated Odisha Apartment (Ownership & Management) Bill, 2023 was introduced by the State’s Urban Development Minister, Usha Devi, in the Legislative Assembly on Monday. The Bill will apply to the entire state of Odisha and aims to regulate the responsibilities of property promoters and allottees.

According to sources, the aforementioned bill concerns regulations pertaining to the possession of a specific apartment within a building along with a shared interest in the common areas.

Under the proposed legislation, property promoters must hand over all original project documents to the allottees’ association within 30 days of receiving an occupancy certificate. These documents include title documents, approved plans, compliance certificates, insurance documents, and others. Additionally, any unpaid amounts collected from the allottees, including security deposits, corpus fund, and advances, must be transferred to the association within 30 days of occupancy certificate issuance.

Support Independent Journalism? Keep us live.

The promoter must also rectify any structural or workmanship defects within five years of the possession handover. The promoter is responsible for maintaining the common area and facilities until the allottees’ association is formed, and they can charge a proportionate maintenance fee as stated in the declaration.

Allottees’ rights and responsibilities under this Act are consistent with those assigned to them by the Real Estate (Regulation and Development) Act, 2016, and other regulations specified in this Bill.

As per reports, the mentioned bill mandates that within 30 days of receiving the occupancy certificate, the promoter must transfer all title documents related to the project to the association of apartment owners.

Comments are closed.