November 24, 2023: Starting December 1, 2023, the Tamil Nadu state government will implement a new system for registering sale deeds of properties located in multi-stories apartments.
According to media reports, under the new system, the property’s sale deed can be registered on the basis of the land and building’s composite value. A separate construction agreement for the building with the developer is not needed. This system is applicable only for first sale of apartments and not for resale properties.
With this implementation, stamp duty for composite value of a property upto Rs 50 lakh will be 4% from the previous 7%. Stamp duty for composite value of a property between Rs 50 lakh and Rs 3 crore will be 5%.
Presently, the Tamil Nadu government collects a stamp duty of 7% for the sale deed of the Undivided Share of Land (UDS) of the property and 2% registration charge is collected for sale deed. Additionally, on the basis of the construction agreement documents, 1% stamp duty and 3% registration charge is also collected.
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