Andaman and Nicobar Islands Introduce New Apartment Ownership Regulation

The Andaman and Nicobar Islands administration is finalizing a regulation to allow individual registration of apartments. This move aims to simplify ownership processes and enable bank financing. The regulation involves input from the public and stakeholders, addressing issues with registration for smaller buildings.

The administration of Andaman and Nicobar Islands is nearing the completion of a pioneering regulation aimed at the individual registration of apartments. This initiative will streamline ownership procedures and allow residents access to bank financing, an official announced on Monday.

The proposed 'Andaman and Nicobar Island Apartment Ownership Regulation, 2025' is being developed to cater to the needs of island residents, facilitating the registration of their flats and apartments. The administration has engaged with various departments to draft this regulation, prioritizing transparency and public inclusivity with substantial stakeholder involvement.

The existing rule has posed challenges, particularly buildings with fewer than eight apartments, which are not currently registered, leading to issues with obtaining bank loans. The forthcoming regulation will benefit residents by enabling registration and access to loans for all properties, regardless of size. Stakeholder suggestions have been actively sought and will be considered while finalizing the regulation.

(With inputs from agencies.)