Introduction
Are you looking to buy property in Chennai? It is important to pay stamp duty and registration charges to complete the process. The Tamil Nadu government has recently increased the registration fee for home buyers. In the event of any mistake, the registration of the property shall be considered null and void. Let’s know about the revised stamp duty and registration charges in Chennai, applicable from August 2023.
Table of Contents
- Stamp Duty Charges in Chennai
- Stamp Duty and Registration Charges in Chennai
- Stamp Duty Payment Procedure In Chennai
- Documents Required for Payment of Stamp Duty
Stamp duty is a state-levied charge applied to the registration of a property. Usually, it is a fixed amount chargeable on the market or agreement value of the property. The combined registration fee for purchasing and developing a land parcel has been raised to nine percent, according to the latest reports.
Stamp Duty Charges in Chennai
Stamp duty rates and registration charges are not uniform across all states in India and may vary depending on the location. Once the stamp duty is paid, it is mandatory to register the transaction at the sub-registrar office. This registration process is crucial as it gives legal recognition to the transaction. Provides the buyer with ownership rights over the property.
The buyer has to register the property in their name at the time of transfer/purchase. However, registration charges are levied at the time of the change of name. The state of Tamil Nadu collects the highest stamp duties and registration charges among Indian states. It charges seven percent and nine percent charges, respectively.
Stamp Duty and Registration Charges in Chennai
Stamp duty and registration charges in Chennai are similar for rural and urban areas. Rates are the same for resale properties too.
| Document | Stamp duty | Registration fee |
| Sale | 7% on the market value of property | 7% on the market value of property |
| Exchange | 7% on the market value of the property having greater value | 9% on the market value of the property having greater value |
| 9% on the market value of the property | 1% on the loan amount, subject to a maximum of Rs 40,000 | 1% on the loan amount, subject subject to a maximum of Rs 10,000 |
| Gift | 7% on the market value of the property | 9% on the market value of the property |
| Mortgage with possession | 4% of the loan amount | 1% of the loan amount, subject to a maximum of Rs 2,00,000 |
| General POA to sell immovable property (power is given to family member) | Rs 100 | Rs 1,000 |
| Sale agreement | Rs 20 | 1% on the money paid in advance (1% on total amount if possession given) |
| Cancellation | Rs 50 | Rs 50 |
| General Power of Attorney (GPA) to sell immovable property | Rs 100 | Rs 10,000 |
Stamp Duty Payment Procedure In Chennai
Stamp duty and registration charges must be presented to the sub-registrar at the registrar’s office located within the property’s jurisdiction. There are three ways to pay stamp duty and registration charges in Chennai.
Physical Stamp Paper
To pay stamp duty and registration charges in Chennai, you need to visit the Sub-Registrar office in person. Once there, you have to pay the required fee in cash. In this process, the payment and required documents must be submitted in person. It is essential to ensure that you have all the necessary documents in place in advance to avoid any delays or complications.
E-stamping
If you want to pay stamp duty and registration charges through e-stamping then visit the official website. But you must visit Stock Holding Corporation of India Limited (SHCIL) website and follow instructions to get e-stamp. Visit SHCIL website here.
SHCIL Office
You can also pay the requisite duty and fees at the concerned branch of SHCIL, Chennai. You can pay the fee through RTGS, NEFT, cash, or DD at the concerned office.
Documents Required for Payment of Stamp Duty
To successfully register the property with the registrar, you need to prepare and submit the following documents. Make sure all these documents are correct and up-to-date before submitting them for property registration:
- Sale Deed/Title Deed: This document is proof of ownership of the property and needs to be submitted to the Registrar.
- Encumbrance Certificate: This certificate proves that the property is free from any legal or monetary encumbrances.
- Property Tax Receipts: Copies of the latest property tax receipts should be submitted to show that all taxes have been paid.
- NOC from Society: If the property is part of a housing society, a No Objection Certificate (NOC) from the society is required.
- Identity Proof and Address Proof: The property owner should submit valid identity proof and address proof.
- PAN Card: A copy of the employer’s Permanent Account Number (PAN) card is required.
- Passport-Size Photographs: A few passport-size photographs of the employer should be submitted.
Conclusion
The process of paying stamp duty and registration fees in Chennai is very simple. After paying the stamp duty, visit the sub-registrar’s office to complete the registration process. The property purchase process is incomplete without registration. For more information, visit our OpenPlot.