Bhubaneswar: In a significant move, the Odisha State Cabinet has granted approval for a proposal presented by the Revenue and Disaster Management Department to amend the Odisha Government Land Settlement Rules of 1983. The amendment specifically targets the reduction of conversion fees applicable to the transformation of leasehold land owned by the Odisha State Housing Board (OSHB) or a Development Authority into freehold land.
Under the revised rules, the conversion fee for residential purposes will witness a substantial reduction. Previously set at 10% of the prevailing market value of the land, the fee has now been streamlined to 3% of the valuation of land as per the guidelines outlined in the Odisha Stamp Rules of 1952. This amendment is particularly pertinent to Gharabari kisam of land located in the vicinity.
The intended outcome of this amendment is a noteworthy reduction in the financial burden placed on the OSHB and Development Authorities for the conversion of leasehold land into freehold. This cost relief is poised to benefit individuals who have acquired land from the OSHB or the Development Authority for residential purposes. The move is expected to stimulate real estate transactions and provide a positive impetus to the housing sector in the region.