What are the stamp duties and registration charges in Chennai?

It's an an integral part of the process. Unless the stamp duty and registration fee are paid, the property registration will be null and void. Team HonestBroker throws light upon the stamp duty and registration charges for the flats for sale in Chennai.

Stamp duty is a state levy tax and is applicable on the registration for flats for sale in Chennai on the transfer of property. Typically, this is a fixed amount and varies according to the market rate 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.

Stamp duty charges in Chennai:-

The registration fee is collected when the buyer transfers/purchases the property and goes to register the property in their name. Tamil Nadu collects one of the highest stamp duty and registration charges among Indian states, i.e. 7% and 1%, respectively.

How to calculate stamp duty & registration charges:-

For example, 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.

Stamp duty= 10000000 * 7% = 700000 rs

Registration charge= 10000000 * 1% = 100000 rs

Now, the total cost of the property = 800000 rs

NOTE:- For more and latest updates, you can visit the official government website

Registration Fee for Resale Property:-

The registration fee for a resale property is 1% of the market value or the contract value of the property. The stamp duty levied on it is 7%.

In October 2020, the registration department witnessed an all-time high registration of 20,307 documents at sub-registrar offices. 123.35 crores per day from the sale of stamp duty and registration fees. Estimated October stamp duty collection was Rs 1,096 crore, which is encouraging for real estate.

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