CHENNAI : STAMP DUTY AND PROP REGISTRATION CHARGES RISE BY DECEMBER

August 2,  2011

PAY MORE FOR STAMP DUTY AND REGISTRATION CHARGES AS GUIDELINE VALUE FOR PROPERTIES WILL RISE BY DECEMBER If you are planning to buy a plot of land or a flat, get ready to pay more stamp duty and registration charges. The state government is all set to announce new guideline values for the four crore survey numbers in villages and 1.89 lakh streets in corporations, municipalities and town panchayats in the state. The registration department is expected to finalise the guideline values by the end of December.
Guideline value is an indicator of the market value of properties. It gives the government’s assessment of the value of a property while evaluating its stamp duty and registration charges.


Duty Bound
STAMP DUTY
It is the duty levied by govt on a real estate transaction. Tamil Nadu charges eight per cent of land value
(guideline value) as stamp duty
REGISTRATION FEES
Fees paid to the land registration dept to register a property document. TN charges one per cent registration fees
For example: For a property worth 1 cr (as per guideline value), stamp duty is 8 lakh and registration fees is 1 lakh
For a new flat, stamp duty is levied only on the undivided share of land and not on the built-up area
For an old flat, duty is levied on land and building when a transaction takes place 

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