New procedure for registration of multi-storeyed apartments: Implemented from tomorrow 1st December!
Posted on: 30/Nov/2023 12:51:13 PM
Starting tomorrow (Friday, 1st December), a revised procedure for registering multi-storeyed apartment buildings in Tamil Nadu will be implemented, encompassing both the undivided section and the constructed area. The regulations differ based on whether the multi-storeyed apartment is completed or under construction.
For fully constructed multi-storeyed apartments, the registration must be paid for the total value. However, for those under construction, a distinct registration is required for the construction contract and the undivided section.
In response to a 33% increase in guide values, the Tamil Nadu State Government has concurrently reduced registration charges by 2%. Consequently, charges for the Common Authorized Deed have been raised. This led to a decline in sales for multi-storeyed apartment buildings, prompting the Building Construction Association to appeal for reductions in registration and stamp charges.
Following a comprehensive analysis of building registration procedures in other cities, including Bangalore, the Department of Registration officials, along with Minister P Murthy, solicited input from the Builders` Association.
Based on this analysis and collected data, a new registration procedure for multi-storeyed apartments has been introduced. Stamp charges have been reduced to benefit flat buyers. According to the new system:
- 1. Apartments valued up to Rs. 50 Lakhs will incur stamp charges of 4% and registration charges of 2%.
- 2. For apartments valued between Rs. 50 Lakhs and Rs. 3 Crores, stamp charges will be 5%, with registration charges remaining at 2%.
- 3. Apartments exceeding Rs. 3 Crores in value will be subject to 7% stamp charges and 2% registration charges.
This revised procedure comes into effect from tomorrow (Friday, 1st December) across Tamil Nadu. It`s important to note that this procedure applies exclusively to multi-storeyed apartments with undivided sections and constructed areas. Additionally, the undivided section cannot be registered as a separate deed. These concessional registration charges are applicable only for multi-storeyed apartments sold for the first time.
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