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For ready to occupy new apartments & buildings in Chennai, there wont be any registration fee
Posted on: 12/May/2020 10:20:28 AM
Many people buy ready to occupy new apartments in Chennai. This piece of information would definitely bring huge relief for these home buyers in Chennai.
The news that has come out now is the registration department of TN has clarified that ready to occupy new apartments and buildings need not have to pay stamp duty and registration fee.
It must be noted that some sub-registrar offices have been demanding to register the apartments attracting stamp duty and registration fee. This was only applicable on the first sale of the property.
On Monday, the inspector general of registration issued an order that confined undivided share or UDS of property under the bracket of stamp duty and registration fee. It was mentioned in a communication from the inspector general of registration to the sub-registrar`s that if a document is presented for registration for first sale of undivided share of land, the registering officers have been given instructions not to demand or insist on the building inclusion in the subject matter of the sale document.
Point to be noted here is completion certificate would be issued by the competent authority to the project. By this, the persons buying new apartments would not have to pay the combined 11 percent stamp duty and registration fee.
As per Mr. Ramprabhu, Builder’s Association of India state treasurer, the order paves way for subjecting only UDS for stamp duty and registration fee. He was of the view that it was a welcome move for those buying properties in completed projects because it does not attract GST.
