Port Blair, Aug 11 (PTI) Residents of Andaman and Nicobar Islands can now get their apartments and flats registered as the administration is in the process of finalising the apartment ownership regulation, an official said on August 12.
Speaking to PTI, a senior official said, "The Andaman and Nicobar Island Apartment Ownership Regulation, 2025, aims to facilitate individual registration of flats and apartments for the benefit of residents of these islands."
He informed that the administration has prepared the draft regulation in coordination with the departments concerned.
"This initiative aims to regularise and streamline apartment ownership and registration processes in the Union Territory. To maintain transparency and inclusivity, we have incorporated the views and suggestions of the general public, especially from stakeholders associated with the real estate and housing sectors. A meeting was held today in this regard, and the response was good," he added.
According to the existing rule, any private building consisting of fewer than eight apartments in the islands is not registered by the administration, leading to banks denying home loans to buyers.
A senior administrative official said, "Once the regulation kicks off, it will be a boon for residents as they can register their flats. Currently, buildings having eight or more flats need to be converted into a housing cooperative society, which is then registered by the administration and bank loans are availed."
{{/usCountry}}A senior administrative official said, "Once the regulation kicks off, it will be a boon for residents as they can register their flats. Currently, buildings having eight or more flats need to be converted into a housing cooperative society, which is then registered by the administration and bank loans are availed."
{{/usCountry}}He added, "Due to this, buildings with fewer than eight flats face a harrowing time in selling the property as no banks come forward to give loans to the next buyer. Now, once the new regulation comes into force, anyone can get their property registered and can avail bank loans irrespective of the number of units."
"All stakeholders, developers, real estate agents, housing society representatives, legal practitioners and other interested members of the public participated and gave their suggestions during the meeting. We will duly consider all the suggestions before finalising the draft regulation," he said.