Construction Agreement Registration Charges In Chennai 2019

Construction Agreement Registration Charges In Chennai 2019

Home buyers who have so far only declared the undivided share of land (UDS) must now declare their construction contract and pay 2% more fees. 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. However, it is also requested that there be no obstacle to the registration of a separate construction contract, as provided for in the circular of 28 October 2013. The registration fee is 2% (1% stamp duty + 1% registration fee) of the construction costs. „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 quite legitimate that what is transmitted only be taken into account for the registration by citing the judgments pronounced in the bank of the department of the High Court of Madras,” reads the letter, asking for clarification. But R. Kumar, president of CREDAI, Tamil Nadu Chapter, feels different. „At a time when people are struggling to buy a home at a high cost, this directive will represent an additional burden for buyers…

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