In a major reform intended to simplify apartment registration and ease financial pressure on homebuyers, the Odisha government has amended the Indian Stamp Act, 1899. The proposal, approved by the State Cabinet, introduces substantial changes to the way stamp duty is calculated for apartment complexes.
Under the new rules, the Association of Allottees will now pay afixed stamp duty of тВ╣50,000for registering documents related to common areas and shared facilities. This marks a major reduction from the earlier system, which imposed stamp duty at5% of the total value, often resulting in significantly higher charges.
For individual apartment sales, the 5% stamp duty will still apply, but only on theproportional undivided shareof common areas along with the unit. This approach eliminates previous ambiguities that frequently led to disputes between apartment owners and developers, causing delays in registration and possession.
The state government believes that this amendment will bring greater transparency, ensure smoother registration procedures, and promote ease of doing business in the real estate sector. Homebuyers, developers, and resident associations are expected to benefit from reduced costs, quicker documentation, and fewer legal complications.
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