Coimbatore, an emerging real estate destination, offers a variety of properties for investment. Among the various tasks, such as searching for the right property to negotiating and finalising the deal, a buyer also has to manage the documentation work. While purchasing a property, such as a plot or apartment, completing the property registration with the authority concerned is important. This is a crucial step in the home-buying journey as it helps establish one’s legal ownership of the property in government records. In this article, we will discuss the property registration process in Coimbatore.
Check stamp duty and registration charges in Tamil Nadu in 2024
Property registration in Coimbatore: Significance
- Establishes property ownership: Properties that are registered have legal validity and establish the buyer’s ownership rights in government records, which cannot be disputed.
- Increases property value: Registering properties will enhance their resale value. Such properties appeal to prospective buyers, ensuring better returns on investment.
- Offers legal protection: It offers legal protection against any fraudulent activities or encroachments. In case of disputes, the registered owners can take legal actions.
- Ensures access to loans: Opting for a loan against property becomes hassle-free if the property is registered. Lenders ask for property registration documents.
Property registration in Coimbatore: Documents required
- Sale deed
- Patta Chitta (the actual property documents)
- Encumbrance certificate
- Identity proof of the buyer and the seller
- Two passport-sized pictures
- Aadhaar card
- PAN card
- Property tax receipts
- NOC from authorities, if required
- Power of Attorney (if the representative of either party is attending the proceeding)
How to register a property in Coimbatore?
Due diligence
Conduct due diligence on the property before going ahead with the registration process. It is essential to verify the property ownership and ensure there are no encumbrances on the property. Go for a physical visit to the property.
Estimate the property value
Make sure to assess the value of your property based on the circle rates in your area. Circle rates, also known as ready reckoner rates, refer to the minimum property value below which a property cannot be registered. The buyer must pay the stamp duty based on the minimum property value or the market value of the property at which the transaction takes place, whichever is higher.
Stamp paper purchase
Purchase non-judicial stamp papers from authorised vendors to ensure their authenticity. One can also purchase stamp paper from www.shcilestamp.com through Stock Holding Corporation of India Limited, the central record-keeping agency (CRA) appointed by the central government to grant e-stamp certificates in the country.
The stamp duty and registration charges are determined by the state government, which varies from state-to-state. For example, stamp duty in Tamil Nadu is 7% of the market value and registration charges is 4% of the market value. Buyers must pay around 11% of the property value.
Prepare the sale deed
Approach a legal professional to prepare the sale deed, which is a legal document that transfers the ownership of the property from the seller to the buyer. The deed includes information related to the property price, description, and terms and conditions of the sale.
Property registration
Visit the sub-registrar’s office, under the jurisdiction of which the property falls. The property buyer and the seller must be present during the property registration and carry the relevant documents. The registration procedure will involve the verification of documents and the execution of sale deed. The property registration amount can be paid online through 11 approved banks.
Once the property registration process is completed, the property buyer becomes the legal owner of the property. The registration documents must be kept securely for future reference.
Property registration in Coimbatore: Penalty for late registration
Property buyers in Coimbatore must register their properties within four months of the execution of the agreement of sale. In case of delay, the following penalty is imposed:
- 25% of registration fee for up to one week
- 75% of registration fee for up to one month
- 100% of registration fee for up to four months
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Registration of property establishes the owner’s clear title to the property. When purchasing a property in Coimbatore, property buyers must check the guideline value in Coimbatore through the registration department’s official website, TNREGINET. Stamp duty is calculated based on this value or the transaction value, whichever is higher. The stamp duty payment during property registration in Tamil Nadu has been made hassle-free through the e-stamping facility.
Click to view Guideline Value in Tamil Nadu 2024
How to pay stamp duty online in Coimbatore?
- Visit the official website of SHClL at shcilestamp.com
- Click e-stamp services.
- Select the state ‘Tamil Nadu’ from the dropdown.
- Complete the application form. Click on the ‘Download’ tab.
- Submit the form at the Authorised Collection Centre along with payment for the stamp certificate.
- Stamp duty payment can be made through NEFT, RTGS, pay order, demand draft, cheque, cash, etc.
Stamp duty and property registration charges in Coimbatore
| Type of Ownership | Stamp Duty | Registration Charges |
| Male | 7% | 4% |
| Female | 7% | 4% |
| Joint (Male + Female) | 7% | 4% |
| Joint (Male + Male) | 7% | 4% |
| Joint (Female + Female) | 7% | 4% |
All property buyers are required to pay the stamp duty according to the Indian Stamps Act 1989 and the Tamil Nadu Stamp Act 2019. Without payment of the stamp duty charges, the property will be considered void under the Registration Act 1908. Some states offer rebates for women property buyers. However, in Tamil Nadu, all property buyers are required to pay a stamp duty of 7% on the market value of the property and registration charges of 4% on the market value of the property.
One must note that the stamp duty and registration charges vary for different property documents. For example, stamp duty in case of settlement in favour of family members is 1% on the market value of the property but not exceeding Rs 40,000 while registration is 1% on the market value of the property, subject to a maximum of Rs 10,000.
Click to know Stamp duty and registration charges in Tamil Nadu 2024
How are stamp duty and property registration charges calculated in Coimbatore?
Property buyers must pay stamp duty in Coimbatore based on the consideration value or the overall market value based on the guideline value decided by the government, whichever is higher.
Example:
A property’s market value is Rs 50 Lakh, while the guideline value for the area is Rs 45 Lakh. Thus, stamp duty will be calculated based on the market value.
Stamp Duty = 7% of Rs 50 Lakh = Rs 3.5 Lakh
Registration charges = 4% of Rs 50 Lakh = Rs 2 Lakh
Thus, the total charges to be paid by the property buyer to the government will be Rs 3.5 Lakh + Rs 2 Lakh = Rs 5.5 Lakh.
Property registration in Coimbatore: Contact information
For any support regarding property registration in Coimbatore, buyers must call the following contact number:
Toll-free number: 1800-102-5174
FAQs
What is the tax deduction on stamp duty and registration charges on property?
The maximum tax deduction on the stamp duty and registration payments is Rs 1,50,000.
What is the stamp value of property in Coimbatore?
The stamp duty in Coimbatore is 7% of the market value of the property while registration charges is 4% of the market value of the property.
Is Patta required for registration in Tamil Nadu?
Patta, a revenue record of a plot of land, is required for land registration in Tamil Nadu.
What documents are required for property registration in Coimbatore?
Documents such as sale deed, patta chitta, encumbrance certificate, identity proof of the buyer and the seller, passport photographs, Aadhaar card, PAN card, property tax receipts, etc., are required for property registrations in Coimbatore.
How to register property in Coimbatore?
One should visit the sub-registrar office along with necessary documents. Pay the stamp duty and registration charges to complete the property registration process.
How long does property registration take in Coimbatore?
It takes around 15-30 days for property registration in Coimbatore.
Can property registration be done anywhere in Tamil Nadu?
The property registration must be done at the sub-registrar's office under the jurisdiction of which the property falls.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |