Property registration: a primer
The Hindu
Buying property involves mandatory charges like stamp duty and registration fees, which vary by State. Tamil Nadu recently revised these charges, making property development/redevelopment pricier. The State also amended the Registration Act, allowing for cancellation of forged property registrations.
While buying a property, stamp duty and registration charges conclude the deal. These mandatory charges vary from one State to the other. Factors like property value, type of property and its location, number of floors, and the purpose for which it’s being bought – residential or commercial – determine how much stamp duty the buyer will have to pay.
Recently, the Government of Tamil Nadu revised these charges for several of its services related to real estate. Due to this, the development and redevelopment of property is expected to become pricier.
This is the third hike in fees by the registration department in the last three years, including the increase in the guideline value and other services such as construction agreements and power of attorney. On the other hand, in a first of sorts, the Tamil Nadu government recently amended the Registration Act, 1908 (Central Act XVI of 1908), applicable only to the State, which empowers the State government’s Department of Registration to cancel the registration of properties if they are found to have been forged.
If those involved in the property deal have been impersonated, the registration can be cancelled. Also, Tamil Nadu is the second State in India (after Maharashtra) to introduce online registration of certain type of documents related to property transactions. Digitally signed certified copies of documents registered way back from 1865 onwards and Encumbrance Certificates from the year 1975 onwards can also be obtained online. Here is everything you need to know on the subject, at a glance.
The writer is Chennai-based advocate and author of ‘Property Registration, Land Records and Building Approval Procedures Followed in Various States in India’.
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