Bhubaneswar: In a major relief for apartment owners, the Odisha Cabinet has approved a proposal to reduce the stamp duty for registration of common areas and facilities.
As per the new rule, the Association of Allottees will now pay a nominal stamp duty of Rs 50,000 for executing the deed of conveyance, instead of 5% required earlier.
Officia
ls said this decision aims to simplify the apartment registration process and reduce the financial burden on apartment owners. The 5% stamp duty will be collected at the time of transferring individual apartment units, including the undivided proportionate share in common areas and facilities.
The Odisha Apartment (Ownership and Management) Act, 2023, mandated the transfer of common areas and facilities to the Association of Allottees at the time of registration. The new amendment is expected to boost apartment registrations and benefit homebuyers.
The Cabinet, which met under the chairmanship of Chief Minister Mohan Charan Majhi, approved eleven major proposals pertaining to eight departments, including Home, Industries, Tourism, and Revenue.