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April 12, 2021

Stamp Duty For Construction Agreement In Tamil Nadu


Stamp duty and registration fees remain the same for men, women and common buyers in Tamil Nadu. The registration of construction contracts between builders and buyers of new homes was made compulsory in Tamilnadu with effect on 1 October 2013. 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. 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. On October 29, 2020, the registrar recorded a high total of 20,307 documents from 575 sub-repertory. 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. 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. 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.

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. 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 You can either pay stamp duty at the registrar`s office or sub-registrar, or use the electronic stamp installation.