What Are The Stamp Duty & Registration Charges In Chennai ? HonestBroker India’s Emerging Real Estate Portal
What are These Stamp Duties? Stamp duty is a state levy applicable on the registration for flats for sale in Chennai. Typically, this is a fixed amount and varies according to the market or agreed value of the property and ownership status. Stamp duty rates and registration charges differ from state to state. Once the stamp duty is paid, the transaction needs to be registered with the Sub-Registrar's office.
How To Calculate Stamp Duties and Registration Charges? ➔
A property worth Rs 1 crore will attract a stamp duty rate of Rs 7 lakh, followed by Rs 1 lakh as a registration fee.
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Stamp duty= 10000000 * 7% = 700000 Rs
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Registration charge= 10000000 * 1% = 100000 Rs
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Now, the total cost of the Stamp Duty and Registration Charges are = 800000 Rs
What are the documents Requireds To Pay Stamp Duty In Chennai To successfully register the property with the Registrar, the following documents are required●
Signed stamp duty/receipt stating that stamp duty has been duly paid
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pan card
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ID Proof:- Aadhar Card, PAN Card, Driving License, Voter ID, Passport, etc. two passport size photographs No Objection Certificate (NOC), if applicable. Tax Clearance Certificate/ No Dues Certificate, if applicable. Relevant property documents like sale deed/vehicle deed/power of attorney Pattadar Passbook
Will Tamil Nadu Reduce Stamp Duty? Industry body Confederation of Real Estate Developers Association of India (CREDAI) has said that it has discussed the possibility of a reduction in stamp duty at a high-level meeting chaired by the state Deputy Chief Minister. The state and its economy, which was hit hard after the 2015 floods that devastated the livelihoods of many, suffered another setback in 2020 following the COVID-19 pandemicHence, the industry body feels that to relieve potential home buyers, the authorities should act soon.
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