December 4, 2023: Effective December 1, 2023, as per a Tamil Nadu government order, the stamp duty charges and transfer levy has been reduced by 3% for the first sale of properties-apartment, flats, villa, bungalow valued less than Rs 50 lakh. Properties valued upto Rs 4 crore will enjoy a reduction of 2%. However, properties valued above Rs 4 crore will not be eligible for any reduction.
The stamp duty and transfer levy reduction will be based on the property’s composite value that can be calculated on the basis of marked valued on the property document or super built-up area, whichever is higher.
This provision is valid for purchase of newly-developed properties that are sold by land owners/ promoters. This concession is not applicable for second sale of properties.
Also, in Tamil Nadu, two documents were registered for sale of first flat. Effective December 1, there will be only one single sale deed registration for a building’s composite value that will consist of both undivided share and construction cost. Thus, the Tamil Nadu IGRS has been granted the permission to fic the composite value and reduce the stamp duty and transfer levy rates for newly-developed projects sold by promoters.
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