Bhubaneswar, Jan, 20:Under the Odisha Apartment (Ownership and Management) Act, 2023, at the time of registration of the first apartment sale deed, a 5% stamp duty had to be paid to transfer the common areas and facilities to the flat owners’ association. This was creating a financial burden on apartment owners.
Now, this registration process has been simplified. Henceforth, for registration of the common areas and facilities of an apartment in the name of the flat owners’ association, a fixed stamp duty of ₹50,000 will be paid for the deed.
Thereafter, at the time of sale of individual flats, a proportional 5% stamp duty will be collected on the undivided share of the common areas and facilities along with the flat.
This proposal was approved by the Cabinet today.
Registration of a separate “common area” deed has been made mandatory. For this purpose, the association will have to pay a stamp duty of ₹50,000 for the deed.