Bhubaneswar: CREDAI Odisha, the apex body of real estate developers in the state, commends the State Government’s proactive step towards enhancing transparency and accountability in the real estate sector with the release of the Odisha Apartment Ownership Rules 2024. The rules, along with associated bylaws, deed of conveyance format, and formats for the deed of transfer of common area, mark a significant milestone in aligning the state’s regulatory framework with the Real Estate (Regulation and Development) Act, 2016 (RERA Act).
The Odisha Apartment Ownership Act and Rules introduce several salient features aimed at promoting transparency, accountability, and consumer protection in the real estate sector. These include:

  1. Defined Ownership Rights: The Act provides clear guidelines regarding the ownership rights of apartment owners, ensuring clarity and transparency in property transactions.
  2. Formation of Associations: It shall be the joint responsibility of the promoter and allottees to form an association of allottees if either 50% of allottees or 7 allottees, whichever is lower, have been allotted with the apartments in a project. If the project has mixed occupancy, namely residential apartments, commercial units, and units reserved for EWS or any other, separate associations of allottees may be formed in the manner as prescribed.
  3. Common Area Transfer: The promoter shall execute the first deed of transfer in favour of the allottee or transferee in FORM F and another deed of transfer in favour of the association of allottees in respect of common areas of the project in Form G.
    The release of these rules underscores Odisha’s commitment to promoting a robust and investor-friendly real estate ecosystem. By adopting RERA-compliant regulations, the state aims to elevate industry standards, enhance consumer confidence, and foster sustainable growth in the real estate market.
    Key Highlights:
    Support for RERA Compliance: CREDAI Odisha extends its full support to the State Government for implementing RERA-compliant regulations, which are aimed at safeguarding the interests of homebuyers and promoting transparency in real estate transactions.
    Advocacy for Timely Compliance: The association emphasizes the importance of adhering to the guidelines outlined in the Odisha Apartment Ownership Rules 2024, particularly concerning the formation of associations within stipulated timelines. Timely compliance will facilitate efficient management of apartment complexes and enhance the overall experience for homeowners.
    Pioneering Role of Odisha: As the first state in Odisha to implement RERA-compliant apartment ownership regulations, CREDAI Odisha acknowledges the state’s pioneering role in regulatory reform. The release of the Odisha Apartment Ownership Rules 2024 sets a precedent for other states to follow and reaffirms Odisha’s commitment to promoting a transparent and investor-friendly real estate environment.
    Collaborative Approach: CREDAI Odisha invites stakeholders, including developers, homebuyers, and regulatory authorities, to collaborate in advancing the objectives of transparency, accountability, and consumer protection within the real estate sector. Together, we can build a stronger, more resilient real estate industry that meets the needs and expectations of all stakeholders.
    About CREDAI Odisha:
    CREDAI Odisha is the state chapter of the Confederation of Real Estate Developers’ Associations of India (CREDAI), representing the interests of real estate developers across Odisha. With a commitment to ethical practices, transparency, and customer-centricity, CREDAI Odisha strives to promote sustainable growth and development in the real estate sector.
    CREDAI Odisha Representative Presents:
    Swadesh Kumar Routray, President, CREDAI Odisha, Anil Kumar Agarwal, Secretary, CREDAI Odisha, Suryakanta Behera, Treasurer, CREDAI Odisha, Sofia Firdous, CREDAI Bhubaneswar and other members of CREDAI Odisha.