The growing growth of Chennais in all sectors, including employment and educational opportunities, infrastructure, has contributed to its growing demand for residential projects. Many young professionals and families choose a home and settle in this city. Those of you who want to buy an apartment in Chennai should visit the luxury apartments of casagarand in some of the best emerging neighborhoods of Chennai. Remember, in addition to the cost of the property, a stamp duty and registration fee will be added, which is payable in full before the ownership of the property. However, it is also stated that there are no barriers to the registration of a separate construction contract, as provided for in the circular of 28 October 2013. Let`s start by understanding what these overheads are and why they are collected. In May 2020, TN`s registration service clarified that new and ready-to-use housing and buildings will not have to pay stamp duty and registration fees. This applied only to the first sale of the land and only the undivided share of the land (UDS) would be subject to stamp duty and registration fees, not to the super-built area. The land/apartment must be registered in a sub-registration office and the following documents are required for registration: The land registry procedure is simple by paying only stamp duty, i.e. 8% (including registration fees) of the total reference value of the land.
“For the building where the certificate of completion was obtained, the sub-registries insist that the deed of transport or the certificate of sale of UDS in the land also includes the sale of built-up land. The closing deed has nothing to do with the title of the land. According to consistent jurisprudence, it is stipulated that what is transmitted only for registration purposes should be taken into account by citing the judgments rendered in the bench of the Department of the High Court of Madras,” the letter states and for clarification. The construction contract is registered according to the legal provisions with a stamp and a registration fee of 2 percent on the value of the contract it had. In early 2020, the coronavirus pandemic and the resulting blockage were broken into. However, as of August 2020, sales have recovered, reflecting the revenue generated by real estate listings in August, which amounted to 793 affr. Sources also indicate that another 17,000 registrations were registered this year in August, compared to the same period in 2019. The path to buying a home does not stop at the physical possession of the property. If you are planning to buy a house in Chennai, then you should know that the state payment has collected stamp duty and registration fees is an important part of the transaction. Any real estate investment agreement is incomplete […] The move follows in the wake of a few under-registration points that require the registration of the built-up area with the country`s UDS, which causes great distress, psychological torment, in addition to the fact that the Allottees entail huge and unnecessary costs for the registration of built land that is not authorized by law.
In a letter from the Chief Secretary to the State Government to the Comptroller General of Registration on March 18, he stated that with respect to the development of a large building or apartment complex, the proposed allottee, which intends to acquire the apartment, an agreement for the sale of the UDS of land with the owner (the seller) of the land and a separate construction agreement with the developer of the building.