Bhubaneswar: In a significant move aimed at simplifying the process of apartment registration, the Odisha Government has officially notified the Apartment (Ownership and Management) Rules, 2024. The notification, released by the Housing and Urban Development Department, introduces key provisions to facilitate smoother apartment registrations.
The newly introduced rules encompass the registration and establishment of an association of allottees, along with provisions for the amendment of bye-laws pertaining to the association of allottees or apartment owners, among other aspects.
One of the primary objectives of these rules is to regulate the utilization of common areas within an apartment complex. Additionally, they seek to establish a common fund to address shared expenses among the residents.
The rules also address the registration of common areas in favor of the association of allottees, aligning with the provisions of the Real Estate (Regulation and Development) Act (RERA). Furthermore, provisions for the registration of the association of allottees with the Competent Authority have been outlined, specifying uniform conditions and terms in the bye-laws. The rules also define the accountability and responsibilities of promoters.
Emphasizing the rights and responsibilities of each apartment owner concerning the association of apartment owners, the rules introduce provisions for apartment insurance and the assurance of structural stability. The overarching objective is to ensure compliance with relevant acts, rules, and regulations, effectively safeguarding the interests of apartment owners.
It’s noteworthy that the legislation and draft rules were initially formulated in October 2023. Subsequently, the government sought objections or suggestions from stakeholders to incorporate necessary modifications before finalizing and notifying the rules.