Odisha Apartment (Ownership & Management) Bill, 2023 passed in Assembly

Bhubaneswar: The much-talked about Odisha Apartment (Ownership and Management) Bill, 2023 was passed in the State Assembly today.This is a Bill to consolidate the laws relating to ownership of an individual apartment in a building with an undivided interest in the common areas and facilities and to provide for better management of such apartment and for matters connected therewith or incidental thereto.

The said Bill will replace ordinance. Apartment buyers will now have exclusive ownership and possession of an apartment with the right to undivided interest in common areas and facilities.

Promoter will execute Deed of transfer of apartment in the name of allottee and transferee along with undivided title in the common areas to the association of allottees under the provisions of the Registration Act. The penalty on promoter will be up to Rs 5 lakhs for unfair practices.

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