Odisha Eases Stamp Duty for Housing Apartment Registration

The Odisha government has amended the Indian Stamp Act to simplify housing apartment registration. A new ordinance reduces the stamp duty from 5% to Rs 50,000 for common areas, easing financial burdens. Individual apartment sales will still incur a 5% duty on common property shares.

The Odisha government has streamlined the process of registering housing apartments by amending the Indian Stamp Act, 1899. An official notification released on Friday announced these changes, aimed at simplifying registration and ensuring robust revenue collection.

A recent ordinance passed with the cabinet's approval has instituted these amendments. The Odisha Apartment (Ownership and Management) Act, 2023, plays a crucial role in mandating the transfer of common areas to Associations of Allottees during the registration of the first deed of conveyance.

Previously, Associations faced a 5% stamp duty on common spaces, placing financial strain on them. The revised structure now imposes a nominal fee of Rs 50,000. However, individual apartment unit buyers will continue to pay a 5% stamp duty, which includes their share of common property.