Buying Property in Odisha can sometimes feel like a headache. You have to visit the property, check legal papers, make sure it has RERA approval, and also pay stamp duty and taxes. It can be confusing and stressful if you don’t have the right help.
Let’s explore how to buy property in Odisha in this step-by-step beginner’s guide Part-2.
Part-1 Guide Here 👉
At a Glance:
| Step | Topic | Key Points |
|---|---|---|
| Step 1 | Property Inspection & Builder Reputation | Inspect structure, wiring, plumbing. For developers: Check past projects, reviews. For resale: Check age, wear & tear, talk to neighbors. Hire a property inspector if needed. |
| Step 2 | Legal Documents | Verify: Title Deed, Khata/RoR, Encumbrance Certificate, Land Conversion Certificate, Approved Plan, Sale Deed. Hire a qualified lawyer for legal due diligence. |
| Step 3 | RERA Odisha Compliance | RERA Odisha Compliance Check RERA registration for project transparency, financial safeguards, and buyer protection. |
| Step 4 | Stamp Duty & Registration Charges | Odisha Rates: 5% (male), 4% (female), plus 2% registration. Check IGR Odisha site for latest. |
| Step 5 | Property Tax & Other Dues | Holding Tax by municipality. Verify no outstanding dues or utility bills from previous owner. |
| Final | Tip | Stay informed. Work with reputed developers. Every step ensures a safer and smarter investment in Odisha real estate. |
Step 1: Buying Property in Odisha: How to Inspect a Property & Check Builder Reputation?
Once you have a potential real estate in Odisha in your mind, you should make sure to go through with in-depth physical inspection.
For new constructions, always check the quality of materials, finishes, electrical wiring, plumbing, and overall structural integrity of the property.
For resale properties, look for signs of dampness, leaks, crack, pest infestation, and general wear and tear.
If you are buying from a developer, always run a background check on their reputation, track record of project delivery, customer reviews, and financial stability.
If possible, visit their completed projects and speak to existing residents. For resale properties, inquire about any known issues from the current owner or neighbors.
Also, consider hiring a professional property inspector for a detailed assessment.
Step 2: What is the Legal Process Involved in Home-Buying? Which Documents are Important?
This step is the most critical step to validate your investment and avoid future legal complications.
We recommend that you engage with a qualified lawyer specializing in Odisha property laws to conduct a thorough legal due diligence of the property.
The key documents to verify are listed as follows:
| Document | Purpose |
|---|---|
| Title Deed | Establishes the seller’s legal ownership and enables transfer of property. |
| Khata Certificate / Record of Rights (ROR) | Required for tax registration and to verify land records. |
| Encumbrance Certificate (EC) | Confirms property is free from legal/monetary liabilities like mortgages. |
| Land Conversion Certificate | Needed if converting agricultural land to residential use. |
| Approved Building Plan | Ensures construction follows the plan approved by local authority. |
| Sale Agreement & Registered Sale Deed | Sale Agreement outlines terms; Registered Sale Deed finalizes ownership transfer. |
Step 3: What is RERA Odisha Compliance?
ORERA was introduced to bring transparency and accountability to the Odisha real estate sector and to protect the interests of homebuyers.
It is crucial to check RERA Odisha compliances for providing peace of mind to yourself and protect yourself legally.
RERA registered projects offer several benefits which include timely project completion, disclosure of all project details, and the requirement for developers to keep 70% of project funds in an escrow account to protect the buyer’s investments.
Step 4: What is Stamp Duty? What Charges are Involved?
These are statutory charges levied by the state government for legalizing the property transaction which you pay at the time of registration.
In Odisha, stamp duty is typically 5% for male buyers and 4% for female buyers, while property registration charges are usually 2% of the consideration amount.
| Buyer Category | Stamp Duty | Registration Charges |
|---|---|---|
| Male Buyer | 5% | 2% |
| Female Buyer | 4% | 2% |
These charges can vary slightly and are subject to change, hence it is advisable to verify the latest rates with the Inspector General of Registration (IGR) Odisha official website.
Understanding of these costs are essential for accurate budgeting, as they form a significant part of the total property acquisition expense.
Step 5: What are Property Taxes and Other Dues?
Once you become a property owner, you will be liable to pay the Odisha property tax which is often referred to as ‘Holding Tax’.
This tax is levied by the local municipal corporation and is generally calculated as a percentage of the annual rental value of the property.
It takes into account factors such as plinth area, land cost, and usage. You should make sure that before finalizing the purchase, there are no outstanding property tax dues or other unpaid utility bills associated with the property from the previous owner.
Also, make sure that the property is RERA Odisha certified. You can check property tax details and pay them online through the respective municipal portals.
Closing Note
For buying a property, you need to keep yourself aware and informed about the current trends of real estate in Odisha.
From planning out your budget, choosing the real estate of your choice, scouting for properties, verifying the builder’s reputation and checking loan eligibility, each step plays an important role.
We hope that this blog helps you . If you liked this blog, consider checking out our completed and ongoing projects for the best luxury apartments in Odisha built by trusted builders.
Frequently Asked Questions (FAQs)
How do I inspect a new construction property in Odisha?
Check material quality, wiring, plumbing, and structural integrity. For developers, verify their reputation, past projects, and customer reviews in Odisha.
What is RERA Odisha and why is it important for buyers?
ORERA ensures transparency, financial safeguards (70% in escrow), and timely project completion, protecting homebuyers in Odisha’s real estate market.
What is “Holding Tax” in Odisha property ownership?
Holding Tax is the property tax levied by local municipal corporations in Odisha, calculated as a percentage of the property’s annual rental value.
What is an Encumbrance Certificate (EC) and how do I get it in Odisha?
An EC confirms a property is free from liabilities. You can obtain it online through the Inspector General of Registration (IGR) Odisha portal.
How is Holding Tax calculated for residential properties in Odisha?
Holding Tax is typically 17.5% of the property’s annual rental value, based on factors like plinth area and land cost as per Odisha Municipal Act.
Where can I find the latest stamp duty rates for Odisha properties?
Always verify the latest stamp duty and registration charges on the Inspector General of Registration (IGR) Odisha official website.
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