The construction contract is registered according to the legal provisions with a stamp and a registration fee of 2 percent on the value of the contract it had. Registration fees are 2% (1%, stamp duty 1%) construction costs. The registration of construction contracts between builders and buyers of new homes was made compulsory in Tamilnadu with effect on 1 October 2013. Who has to bear stamp duty and registration fees when they are opposed to the construction contract? If it is the buyer or the owner On October 29, 2020, the registrar recorded a high registration of 20,307 documents with 575 submissions. The sale of stamp duty and registration fees that day brought in Rs 123.35 crores. October was a good month for the department with a gain of 1,096 kronor. You can pay stamp duty either from the registrar`s office or sub-registrar, or use the electronic stamp installation. With 4 per cent registration fees and 7 per cent stamp duty, Tamil Nadu has one of the highest registration and stamp fees among Indian states. It is important to register the construction contract at the same time as the sale agreement of the undivided share of the state. Suresh Krishn, president-elect of the Confederation of Real Estate Developers` Association of India (Credai), told Moneycontrol that this was just a clarification. Tamil Nadu follows a dual convention system, since both land and buildings are registered separately from the concession agreement. In May 2020, TN`s registration service clarified that new and ready-to-use housing and buildings will not have to pay stamp duty and registration fees.
This applied only to the first sale of the land and only the undivided share of the land (UDS) would be subject to stamp duty and registration fees, not to the super-built area. The Registration Service of Tamil Nadu facilitated the registration of an apartment for thousands of home buyers in Chennai, stating that when registering an apartment, only the indisputable part of the property will attract stamp duty and registration fees, not the built-up area. However, it is also stated that there are no barriers to the registration of a separate construction contract, as provided for in the circular of 28 October 2013. You will need the stamp permit, your PAN card, proof of administrative identity of all parties, including witnesses, two photographs in passport format, noc, no tax certificate, sales certificate, POA, Pattadar Passbook, etc. In a letter from the Chief Secretary to the State Government to the Comptroller General of Registration on March 18, he stated that with respect to the development of a large building or apartment complex, the proposed allottee, which intends to acquire the apartment, an agreement for the sale of the UDS of land with the owner (the seller) of the land and a separate construction agreement with the developer of the building. Both agreements are registered in accordance with applicable legislation. Stamp duty and registration fees remain the same for men, women and common buyers in Tamil Nadu. In early 2020, the coronavirus pandemic and the resulting blockage were broken into.
However, as of August 2020, sales have recovered, reflecting the revenue generated by real estate listings in August, which amounted to 793 affr.