Introduction
Purchase of immovable property attracts stamp duty and registration fee in India. In Chennai, the registration process is easy. However, the charges are substantial. Brief information about how to register a property in Chennai and the taxes levied.
Table of Contents
- Property Registration Process in Chennai
- Documents Required for Property Registration in Chennai
- Registration of Property in Chennai Is Mandatory
According to the Tamil Nadu Stamp Act, 2017 every property transaction must be registered in the office of the Sub-Registrar along with payment of stamp duty and registration charges. The law applies to both new and resale property. To understand how to register a property in Chennai, Tamil Nadu, read more.
Property Registration Process in Chennai
A Property registration process in Chennai can be done offline. However, home buyers can pay stamp duty online through the Stock Holding Corporation of India Limited (SHCIL) portal. Stamp duty and registration charges in Chennai are payable equally for urban and rural areas and for ladies and gents home buyers.
The stamp duty is mostly seven percent of the market value of the property while the registration charge is four percent of the market value of the property. In total, the buyer pays 11 percent of the transaction amount.
Documents Required for Property Registration in Chennai
Property registration process in Chennai requires attestation of below listed documents
- PAN card
- Identity proof of seller
- Proof of identity of two witnesses
- Passport size photographs of all parties, including witnesses
- Stamp Duty Receipt
- No Objection Certificate (NOC)
- Sale Deed
- Power of Attorney, if any
- Utility and municipal tax bills in case of resale property
Registration of Property in Chennai Is Mandatory
Property registration is mandatory under the Registration Act, 1908 and the process must be undertaken within four months of the purchase of the property. After paying the stamp duty, visit the Sub-Registrar’s office along with the above documents and two witnesses. Both buyer and seller have to appear before the Sub-Registrar to complete the process.
The sub-registrar’s office checks the documents thoroughly before registering the property. After verifying the documents, the authority will issue the registration certificate. Duly informs the buyer. The buyer can collect it from the office of the Sub-Registrar. This legal document should be kept safe to avoid any future conflicts.
A Property registration process is similar to other parts of the country. Whether it is a new or resale property should not be ignored as property registration makes the buyer the rightful owner.
Conclusion
According to the Tamil Nadu Stamp Act, 2017 every property transaction must be registered in the office of the Sub-Registrar along with payment of stamp duty and registration charges. For more information, visit Openplot.
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