Bhubaneswar: In a significant move to protect home buyers, the Odisha government has announced measures to streamline the registration of common areas in apartments. This initiative aligns with the Real Estate (Regulation and Development) Act (RERA) norms and aims to ensure transparency and fairness in the real estate sector.
The announcement was made following a meeting led by Usha Padhee, Secretary of the Housing and Urban Development Department. The discussions focused on the implementation of the Odisha Apartment Ownership Act, which seeks to address challenges faced by apartment owners and developers.
Simplified Registration Process: The registration of common areas will now be streamlined to avoid double stamp duty charges. This means that home buyers will not have to pay stamp duty twice for the same space – once for the apartment and again for the common areas.
Cost Bifurcation: The cost of the apartment and the common areas will be clearly bifurcated in the agreement, ensuring transparency in the calculation of costs.
Nominal Fees: The Housing and Urban Development Department will propose to the Revenue Department the collection of a nominal registration fee and stamp duty for common areas, making the process more affordable for home buyers.
Pre-RERA Projects: Modalities for the registration of pre-RERA projects will be finalized soon, paving the way for their inclusion under the new regulations.
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