The Tamil Nadu government will reduce the registration fee for the deeds of sale, gift, exchange and non-family member settlements, from the existing four per cent to two per cent.
Finance Minister Palanivel Thiaga Rajan, who made the announcement in the State Budget he presented on Monday for 2023-24, said that the measure will benefit the poor and middle classes, especially those who avail of bank loans to buy homes.
He, however, said the guideline value on properties will be revised to the rates prevailing till June 8, 2017. The guideline value was revised downwards by 33% since June 9, 2017 from the increased rates that came into effect on April 1, 2012.
The Minister said the announcements were in response to consistent requests from different stakeholders to revise the guideline value in tune with the market prices and to reduce the registration fees. Pointing out that the government has set up a committee to suggest revised guideline values, he said that the survey number-wise revision was, however, expected to take more time.
Hence, as an interim measure, the government has decided to revise the guideline value and to reduce registration fees by two percent. He said that deeds of sale, gift and exchange will attract five per cent stamp duty, two per cent transfer duty and two percent registration fee. Non-family settlements will attract seven per cent stamp duty and two per cent registration fee.
Finance Secretary N. Muruganandam, who addressed the media after the budget was presented in the Assembly, said the move was expected to boost real-estate sector and generate revenue of ₹2,000 crore.
