Bhubaneswar, Sep 26: The Odisha Apartment (Ownership and Management) Bill, 2023 was passed in Odisha Assembly on Tuesday.
The Bill has several progressive and transformative provisions relating to the regulation of ownership of an individual apartment and its management.
The Bill aims to clearly spell out the accountability and responsibility of promoters, provide for rights and responsibilities of each apartment owner in relation to the association of apartment owners, provide for formation of association of apartment owners, create provisions for insurance of the apartment and ensure its structural stability.
It would also ensure compliance of the relevant Act, rules and regulations to effectively safeguard the interest of the apartment owners.
