Stamp Duty & Property Registration Charges in Chennai, Tamil Nadu 2023

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22 JUNE, 2023

Chennai, the capital of Tamil Nadu, houses the second-largest IT hub in the nation, making it an attractive destination for property investment. With its remarkable growth over the past decade, the city has witnessed a surge in the number of individuals interested in purchasing real estate. However, to successfully register a property in Chennai, prospective buyers must pay stamp duty and registration charges to register a property in Chennai successfully.

The calculation of registration charges in Chennai is determined by various factors, including the property's agreement value, ownership status, and other relevant considerations. These charges are essential as they are crucial evidence of any property sale or purchase, ensuring legal compliance and authenticity.

What Are Property Registration Charges in Tamilnadu 2023

Transaction Type	Stamp Duty	Registration Fee
Sale	7% of the property's market value	4% of the property's market value
Exchange	7% of the property's market value (whichever is greater)	4% of the property's market value (whichever is greater)
Gift	7% of the property's market value	4% of the property's market value
Simple Mortgage	1% of the loan amount (maximum limit: Rs. 40,000)	1% of the loan amount (maximum limit: Rs. 10,000)
Mortgage with Possession	4% of the loan amount	1% of the loan amount (maximum limit: Rs. 2,00,000)
Sale Agreement	Rs. 20	1% of advance money paid (or 1% of the overall amount if possession is given)
Agreement Relating to Building Construction	1% of construction value or consideration mentioned in the contract (whichever is higher)	1% of construction value or care mentioned in the agreement (whichever is higher)
Cancellation	Rs. 50	Rs. 50
General Power of Attorney (GPA) for the sale of immovable property	Rs. 100	Rs. 10,000
General Power of Attorney (GPA) for the sale of immovable property (family member)	Rs. 100	Rs. 1,000
General Power of Attorney (GPA) given for consideration	4% of the consideration	1% of review or Rs. 10,000 (whichever is higher)

Benefits and Features of Stamp Duty and Property Registration Charges

Online Payment: For property registration charges in Chennai Registrants can pay the registration fee directly from their bank accounts.
E-seva Counters: In cases where registrants cannot make online payments, they can seek assistance from e-seva counters to complete the transaction.
Nationalised Banks: Registration stamp duty in Tamilnadu fee payments will be made at nationalized banks.
Plain Paper Registration: Registration can be done on plain paper, eliminating physical stamp paper requirements.
Partial Online Payment: Registrants can pay part of the stamp duty through online bank transfer and the remaining amount by purchasing stamp papers.
Use of Guideline Value: The guideline value of the property will be used instead of the previously registered value in a specific survey number.

Documents Required for Property Registration in Chennai, Tamilnadu

During the registration process, the following documents need to be verified:

Identity proof of two witnesses
Passport-sized photographs of all the parties, including the witnesses
Sale deed
Power of attorney, if any
Utility and municipal tax bills, in case of a resale property
Stamp duty receipt
No Objection Certificate (NOC)
PAN Card
Identity proof of the seller

Latest News and Updates About Property Registration in Chennai, Tamilnadu

In FY 2022, the government of Tamil Nadu achieved a record-breaking revenue of Rs 13,913.65 crore through property registrations. This represents a significant increase of 31% compared to the previous year's revenue collection of Rs 10,643.08 crore. The state witnessed a rise in registered properties, with 29,98,048 documents written in FY 2022, compared to 26,95,650 papers in the previous year (2020-21).

Conclusion

The city's remarkable growth over the past decade has attracted many individuals interested in purchasing real estate. However, prospective buyers must pay stamp duty and registration charges to register a property in Chennai successfully.

The calculation of land registration fees Chennai depends on various factors, including the property's agreement value, ownership status, and other relevant considerations.

FAQs Registration Charges in Chennai

Is there any registration charge for resale property in Chennai?

In Tamil Nadu, the stamp duty and land registration fees in Tamilnadu imposed on the property's resale are equivalent to 7% of the property's agreement or market value. Similarly, the registration charge for resale property in the state is 1% of the property's agreement or market value.

Can I avail of a loan to pay the property registration charges in Chennai?

You can use your credit card limit to pay the registration charges. However, the interest rates are usually high, so it's not advisable not to take any land loan to pay the property registration charges.

Can land registration fees be paid in installments in Chennai?

For Tamil Nadu property registration charges, Registrants have the flexibility to make their stamp duty payments conveniently. They can pay a portion of the stamp duty through online bank transfer, while the remaining amount can be settled by purchasing traditional stamp papers.

How is stamp duty calculated for property transactions in Tamil Nadu?

Irrespective of gender or ownership type, stamp duty, and registration charges remain consistent for property buyers in Tamil Nadu. The stamp duty is 7% of the property's market value, while the registration charges amount to 4%. Therefore, when registering a property, buyers must pay 11% of the property's value as charges.

How to Check the Market Value of Properties in Chennai?

Follow these steps to calculate the value of your property using the guideline value in Chennai:

Step 1: Visit the official website of the Registration Department at https://tnreginet.gov.in/portal/.

Step 2: Navigate to the "Guideline Value" tab and select Chennai as the zone.

Step 3: Enter the required details, such as the street or survey numbers. Choose your preferred Sub Registrar Office, village, and street name.

Step 4: Click the search option to retrieve the street details, which will be displayed on the screen. Additionally, the website provides various other services, including the calculation of binding value, document creation (such as abstract draft deeds), and obtaining an encumbrance certificate.

You can determine the property's market value once you have obtained the guideline value through these steps.

What are the Tax Benefits of Paying Stamp Duty Charges in Chennai?

Property owners in Chennai can avail of tax benefits on the stamp duty and registration charges they have paid. As per Section 80C of the Income Tax Act, 1961, individuals can claim a deduction of up to Rs. 1,50,000 on the stamp duty and registration charges incurred for their property in Chennai.