If you are planning to buy property in Chennai, it is vital to pay stamp duty and registration charges to complete the process. Recently, the Tamil Nadu Government has increased the registration fee for homebuyers. In case of any lapse, property registration will be considered null and void. Read on to know the revised stamp duty and registration charges in Chennai applicable from August 2023 onwards.
What are the stamp duty charges in Chennai, Tamil Nadu?
Stamp duty is a State-levied charge applied on the registration of a property. Usually, it is a fixed amount chargeable on the market or agreement value of the property. However, as per the latest reports, the combined registration fee for buying and constructing a land parcel has also been increased to nine percent. The stamp duty rates and registration charges vary from one State to another. Once the stamp duty is paid, the transaction is required to be registered at the Sub-registrar office.
Registration charges are levied when the buyer transfers/purchases the property and gets it registered under their name. The State of Tamil Nadu collects one of the highest stamp duties and registration charges among the Indian States, i.e. seven percent and nine percent, respectively.