Bhubaneswar, Jan. 10 -- In a major move to simplify the apartment registration process and reduce financial burden on homebuyers, the Odisha government has amended the Indian Stamp Act, 1899. The proposal in this regard has been approved by the State Cabinet, marking a significant reform in the real estate and housing sector.

Under the revised provisions, the Association of Allottees will be required to pay a nominal stamp duty of Rs 50,000 for the execution of documents related to the registration of common areas and shared facilities of an apartment complex. This is a substantial relief compared to the earlier provision, under which the association was required to pay stamp duty at the rate of 5 per cent.

As per the new arrangement, d...