Revised system for property registration in apartments from December 1

According to a press release, homebuyers will be permitted to register the sale deed of the property based on the composite value of the land and building without entering into a separate construction agreement for the building with the developer

November 24, 2023 01:18 am | Updated 01:18 am IST - CHENNAI

The State government will implement a new system for registration of sale deeds of properties in multi-storied apartments.

According to a press release, homebuyers will be permitted to register the sale deed of the property based on the composite value of the land and building without entering into a separate construction agreement for the building with the developer. The new system will be implemented from December 1. The new system of registration is expected to help middle class homebuyers get home loans.

Currently, a stamp duty of 7% is collected for the sale deed of the Undivided Share of Land (UDS) of the property and a registration charge of 2% is collected for sale deed. Based on the construction agreement documents, 1% stamp duty and 3% registration charge is also collected.

Starting December 1, the stamp duty for the composite value of the property with a price of up to ₹50 lakh will be reduced from 7% to 4%. As a result, those buying a new property with a composite value of up to ₹50 lakh in a multi-storied apartment will pay 4% stamp duty and 2% registration charges.

The stamp duty for the composite value of a property in the ₹50 lakh-₹3 crore range will be reduced from 7% to 5%. Those buying a new property with a composite value between ₹50 lakh and ₹3 crore in a multi-storied apartment will pay 5% stamp duty and 2% registration charges. The stamp duty for the composite value of the property more than ₹3 crore will be 7%.

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