Industry Odisha Bureau, May 14: The State Government has issued an Ordinance amending the Indian Stamp Act-1899 with a view to simplifying the existing apartment registration process and safeguarding the Government’s revenue collection.
After obtaining Cabinet’s approval, the Gazette notification relating to the Indian Stamp (Odisha Amendment) Ordinance has been published.
The Odisha Apartment (Ownership and Management) Act, 2023, mandates transfer of entire Common Areas and Facilities in favour of Association of allottees at the time of registration of first deed of conveyance.
For this purpose, the association of allottees was required to pay 5 percent stamp duty for execution of the deed of conveyance, which resulted in a significant financial burden on them and created impediments in the process of apartment registration.
As per the amendment, the Association of Allottees is now required to pay only a nominal stamp duty of Rs 50,000 for execution of the deed of conveyance for transfer of common areas and facilities in favour of association of allottees.
Further, at the time of transfer of individual apartment unit, 5 percent stamp duty pertaining to individual apartment units along with the undivided proportionate share in the common areas shall be collected during execution of individual deeds of conveyance in favour of the allottee.
Instead of three slabs i.e. 3 percent, 4 percent and 5 percent, the buyer is now required to pay uniform Stamp duty at the rate of 5 percent at the time of registration of the apartment.
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