Bhubaneswar : The Odisha cabinet Wednesady decided to amend the Odisha Apartment (Ownership and Management) Act, 2023, to change the stam duty slabs for apartment owners.
As per the proposed amendment, the Association of Allottees is now required to pay only a nominal stamp duty of ₹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% stamp duty pertaining to individual apartment unit 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. Further instead of three slabs i.e. 3%, 4% and 5%, the buyer is now required to pay uniform Stamp duty at the rate of 5% at the time of registration of apartment.
In order to simplify the registration process and safeguard Government’s revenue, the State government has approved necessary amendments to the Indian Stamp Act, 1899. The Cabinet have accordingly approved the proposal for bringing ordinance in the Indian Stamp Act. 1899.
The Odisha Apartment Act 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 reguired to pay 5% 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. Further as per the existing provision Stamp duty was collected in three different slabs i.e. 3%, 4% and 5% depending on the value of the apartment at the time of registration.
