Bhubaneswar, May 14: The notification relating to the Indian Stamp (Odisha Amendment) Ordinance has been published in the Odisha Gazette.

In this context, with a view to simplifying the existing apartment registration process and safeguarding the Government’s revenue collection, the State Government had obtained Cabinet approval for promulgation of an Ordinance to carry out the necessary amendments to the Indian Stamp Act, 1899.
  
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% 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 ₹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.