Govt mulls changes in Apartment Ownership Act
CRISIL, a policy advisory company, has been helping the government to make relevant changes in the Act.
Dec 07, 2012
Source : The Times of India


BHUBANESWAR: The government is planning to make formation of housing societies in apartments a time-bound process. It is also mulling to give tenants the same rights and responsibilities to use apartment facilities as that of owners.

These were the initial suggestions made during a recent deliberation on amendment of the Odisha Apartment Ownership Act 1982, sources said. CRISIL, a policy advisory company, has been helping the government to make relevant changes in the Act.

CRISIL has done a comparison of apartment ownership Acts of Maharashtra, Bihar and Odisha. "We had a meeting with various stake holders including builders, Odisha State Housing Board, city development agencies and registrar of cooperative societies to get their feedback on the required changes in the three-decade-old Act," director, town planning, P K Patnaik told TOI on Thursday. "We will make a draft of the proposed amendment bill soon," Patnaik added.

Though the existing 1982 Act also stipulates formation of apartment owners' association (AOA), there is no clarity on when the association should be formed and under whose initiative. Several apartments are functioning without formation of such formal associations. Under the proposed amendment, it will be the responsibility of builders to form the association, register it under the Societies Registration Act and handover the control to owners. The AOA will be required to make financial accounting and disclosure of accounts as required under the Societies Registration Act.

Apartment owners or tenants not abiding by housing society byelaws such as contributing for common expenses will face legal action. Though the existing provisions also make payment of such charges binding, there is no clarity on what will happen if one doesn't pay the charges.

CRISIL has suggested that tenants should have similar rights and obligations towards the apartments as that of the apartment owner. The existing provisions are silent on them. The agency also suggested that when an owner transfers or sells his house, he has to take no objection certificate of AOA. In case of conflict of ownership of an apartment, the AOA would be custodian of the property.

Realtors said the government should make wider consultations before preparing the draft. "The government should take suggestions from all quarters before making a draft. Disputes and litigations involving apartments are on the rise as the apartment living population is increasing at a fast pace," said real estate developers association of Odisha president Pradipta Kumar Biswasray

Latest Realty News

BMC moots online grievance redressal
Dec 07, 2012
BHUBANESWAR: Bhubaneswar Municipal Corporation (BMC) will soon give a proposal to Odisha Computer Application Centre (OCAC) to facilitate citizens post grievances online to the civic body.
Crackdown order on building norm violators
Dec 07, 2012
BHUBANESWAR: The state government has pulled up the Bhubaneswar Municipal Corporation (BMC) and Bhubaneswar Development Authority (BDA) for failing to curb violation of building regulations in the city.
Credai asks realtors to sell unsold stock at discounted prices
Dec 03, 2012
MUMBAI: Leading realtors' body Confederation of Real Estate Developers' Association of India (CREDAI) has asked its members to seriously consider selling off maximum inventories by reducing prices.
Bhubaneswar on top 10 city list
Nov 17, 2012
BHUBANESWAR: Cushman and Wakefield, a leading global real estate services firm, and Global Initiative for Restructuring Environment and Management (Girem), an industry body focussing on urbanisation, have identified Bhubaneswar as one of the 'top 10' emerging cities in India, said a state government release on Friday.
CREDAI hails AP plan for online approvals
Nov 16, 2012
Developers’ apex body CREDAI (Confederation of Real Estate Developers' Association of India) has welcomed the realty reforms initiatives like online approval of building plans and single window system launched by the Andhra Pradesh government.
Bhubaneswar on path to cut carbon emission
Nov 11, 2012
BHUBANESWAR: If everything goes as per plan, Bhubaneswar will be a city with low carbon emission. The state capital was selected by World Wildlife Fund (WWF) and ICLEI, an NGO working on environment and energy for implementation of Green House Gas (GHG) inventory. The inventory will help reduce carbon emission.
Credai opposes government plan to allocate 35% housing for poor
Nov 08, 2012
NEW DELHI: CREDAI, the apex realtors' body, today strongly opposed the government's proposal for reserving 35 per cent of the housing units for poor, saying this would result in rise in prices for the middle-class people.
Manpower shortage strikes Realty sector
Nov 08, 2012
BHUBANESWAR: Architects in the city are of the opinion that acute shortage of skilled labourers has taken its toll on the realty industry. They have urged the state government to conduct training programmes for masons and carpenters to bridge the gap between demand and supply in the sector.
SBI makes it easier for you to shift home loan
Nov 08, 2012
State Bank of India (SBI), India’s largest lender, has made it easier for home loans of other banks to swiftly flow into its books.
Home loan growth crashes to 5-month low due to surge in house prices
Nov 05, 2012
MUMBAI: Growth in home loans has slumped to a five-month low despite banks showering potential buyers with attractive schemes and lower rates due to soaring real estate prices.

Latest Realty News Of State

Realty Talk's