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The Odisha government has amended the Indian Stamp Act, 1899 to simplify the apartment registration process and alleviate financial burdens on homebuyers. The Association of Allottees will now pay a nominal stamp duty of Rs 50,000 for registering common areas, a significant reduction from the previous 5 percent rate. Future sales of individual apartment units will still incur a 5 percent stamp duty on the undivided share of common areas.

Author

up412281

Language

EN