Urban Development Department aims to empower apartment owners

Proposes amendments to the Karnataka Ownership Flats Act

Amendments put an end to illegal land mortgages and financial fraud

The Urban Development Department aims to empower apartment owners through proposed amendments to the Karnataka Ownership Flats Act, a 51-year-old legislation.

This initiative seeks to transform the functioning of apartment associations by mandating registration under local bodies, with the guidelines set by these bodies taking precedence over the Registrar of Cooperative Societies.

Currently, apartment owners can register under the Karnataka Cooperative Societies Act, 1959, or the Companies Act, creating ambiguity. The proposed changes intend to grant local bodies, like BBMP in Bengaluru, authority in specific areas.

The amendment addresses critical issues such as the transfer of common areas, management of apartment accounts, guidelines for land transfer, and regulations for promoters and flat buyers. The transfer of common areas to associations is crucial, as promoters have been mortgaging these without the flat owners’ knowledge.

Apartment owners laud this development, expressing relief that the government is addressing their longstanding concerns. The new legislation is anticipated to safeguard flat owners’ rights, putting an end to illegal land mortgages and financial fraud by vesting land ownership with the association of flat owners. The proposal awaits approval from the Legislative Assembly and Council.