Registration Charges For Construction Agreement

By October 4, 2021 Uncategorized No Comments

The cadastre of properties under construction is a bit confusing compared to resale real estate. The timing of the cadastre is also decisive. The moment will have a great financial influence on the capital gain of the property. As I said, I will discuss the impact of the cadastre on the capital gain in my subsequent contribution. Let`s consider the 5 most common types of real estate registers of real estate under construction. The registration department in Tamil Nadu has brought relief to thousands of home buyers in Chennai and clarified that when registering a dwelling, only the undivided part of the property attracts stamp duty and registration fees and not the built area. The registration fee is 2% (1% stamp duty + 1% registration fee) of the construction costs. Since the registration of the property has financial and capital gains on a buyer. The move is made as a result of a few sub-registrars` offices that apply for the registration of the built-up area with the UDS of the land, which leads to great distress, psychological suffering and entails huge and unnecessary expenses for the registration of built-up areas that are not authorized by law. The government amended the Registration Act to make it mandatory to register documents such as the power of attorney and the construction contract from December 2012.

However, the draft law amending the stamp law, which facilitated the collection of new royalties, did not receive the president`s approval until 3 September. 5. Certificate of Sale: This scenario only applies to bank auction properties. Most of the time, bidders have a lot of confusion in the cadastre in case of a bank auction process. Let me clarify that, in the case of an auction, the deed of transfer or the deed of sale is not registered in the Sub-Regulatory Office. In this case, the certificate of sale issued by the Bank is registered with the Under-Secretariat. It is signed by the designated and authorized bank agent at the time of registration. “For the building in which the certificate of completion was obtained, the sub-agents insist that the deed of transfer or the deed of sale of UDS in land also include the sale of built-up land. The year-end certificate has nothing to do with the title of the land. It is perfectly legitimate that what is transmitted only be taken into consideration for registration by citing the judgments that have been pronounced in the bank of the department of the High Court of Madras,” the letter says, asking for clarification.

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