Finance
The Odisha government has officially released in the Odisha Gazette the draft of the Odisha Apartment (Ownership and Management) Bill, 2023. By publicizing the text of the Bill, the state government’s Housing and Urban Development Department has requested public feedback within 30 days.
The Odisha Apartment (Ownership and Management) Bill, 2023, was passed in the State Assembly on September 26 during the just finished Monsoon Session.
The Odisha Apartment (Ownership and Management) Bill, 2023, seeks to unify the legislation governing the ownership of an individual apartment in a building with an undivided stake in the common rooms and facilities, as well as to improve apartment management.
An Ordinance will be replaced by the draft Odisha Apartment (Ownership and Management) Bill. unit purchasers will now have sole ownership and possession of a unit, as well as an undivided interest in common areas and utilities.
The Bill also requires the promoter to execute a document of transfer of apartment in the name of the allottee that mentions the right in derails under the Registration Act. Promoters who fail to comply with the requirements of the Bill would face fines of up to Rs 5 lakh for unfair practices.
