A huge decision taken by the TN govt to encourage buyers and promote realtors in Chennai and across TN!!
Posted on: 24/Nov/2023 9:27:30 AM
Paying an extra amount for registering sale deeds of proportionate UDS or undivided share while buying a flat would soon become a thing of the past!!
The sensational piece of news that has emerged out now is that the TN government has decided to forgo the practice of registering sale deeds of UDS and construction agreements for the built-up area for flats or apartments etc. The TN govt has also decided to introduce a single sale deed based on the composite value of the building. The TN govt has decided to reduce the stamp duty so that it would encourage buyers and promote realtors.
It is noteworthy that as per the new system the stamp duty for the first sale of flat or apartment with a market value of up to Rs 50 lakhs would be reduced from 7% to 4%. For those flats or apartments of Rs 50lakhs to Rs 3cr the stamp duty would be reduced from 7% to 5%.
Point to be noted here is that this concession would be only applicable for the flats or apartments conveyed with a proportionate undivided share of land and only for the first sale of flats/apartments but not applicable for resale. By registering dale deeds, the buyers could assume direct ownership.
It is now revealed that the old practice of allowing the registration of resale of flats based on the previously registered construction agreement that has been allowed by the registration dept until now would be dropped or dispensed with. A senior registration official mentioned that the construction agreement does not confer the ownership rights on the buyers. He added that the new system would make sure that the ownership rights of the buyers were absolute. He concluded that a composite value would be fixed by the TN govt and registration would be done based on that value.
