Bhubaneswar: The State Cabinet today approved a proposal of the Revenue and Disaster Management Department to amend the Odisha Government Land Settlement Rules, 1983 to reduce the conversion fee for conversion of leasehold land of OSHB or a Development Authority to freehold land.
The conversion fee of land for residential purposes has been reduced from the existing 10 % of the prevailing market value of the land to 3 % of the valuation of land fixed under the guidelines prescribed under the Odisha Stamp Rules, 1952 for a Gharabari kisam of land situated in the vicinity.
The proposed amendment shall reduce the financial burden on OSHB and the Development Authorities for conversion of leasehold land into freehold which benefit will ultimately pass on to the persons who have purchased land from the OSHB or the Development Authority, as the case may be, for residential purposes.
