Tamil Nadu govt urged to roll back revisions ‘damaging real estate industry’ – Times of India

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CHENNAI: The recent introduction of composite value and changes rolled out by Tamil Nadu government in stamp duty charges has delivered a blow on the real estate market and prospective home buyers, according to builders and the Confederation of Real Estate Developers’ Associations of India (Credai).
On December 1, state registration department rolled out a new structure under which there will be a single sale deed for the composite value of the building — including the UDS as well as the construction cost — and carrying a flat registration fee of 7% of the total value of apartments priced between Rs 50 lakh and Rs 3 crore.“For those below Rs 50 lakh, the charge has been fixed as 6%,” said G Mohan, president, Chennai Southern Builders Association.
Members of the real estate industry point out that this has led to a drop in registration of new flats. S Sridharan, vice-president, Credai National – South Zone, requested government to fix registration charges as 4% for the affordable housing category and 5% for all other categories.
“Homebuyers have been affected by this. A reduction in value and stamp duty charges will benefit the homebuyers,” said S Sivagurunathan, president, Credai-Chennai.
P Kruthivas, secretary, Credai, said government had tried to emulate Karnataka registration department’s process. “But we don’t know why it was done in a hurry and why it is being changed often. This has caused confusion,” he explained.

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