The Interview Times
The Odisha Cabinet has accepted a proposal to lower the stamp duty for the registration of common spaces and facilities, which is a huge relief for apartment owners. The Association of Allottees will now pay a modest stamp tax of Rs 50,000 for completing the deed of transfer, as opposed to the previous requirement of 5%.
According to officials, the goal of this move is to lessen the financial burden on apartment owners and streamline the property registration procedure. When transferring individual apartment units, the 5% stamp duty will be collected together with the undivided proportional share in shared spaces and amenities.
Common spaces and facilities must be transferred to the Association of Allottees at the time of registration, according to the Odisha Apartment (Ownership and Management) Act, 2023. It is anticipated that the proposed change would help homebuyers and increase apartment registrations. Eleven significant suggestions related to eight ministries, including Home, Industries, Tourism, and Revenue, were accepted by the Cabinet, which was chaired by Chief Minister Mohan Charan Majhi.
