The land / flat has to be registered in a sub registrar office and the following documents are required for registration :
Original title deed
Torence Plan (optional) etc.,
Two witnesses are needed for registering the property
The land registration process is simple by just paying the stamp duty charges i.e. 8% (including registration fees) of total guideline value of the land.
If the total extent of the land is 2400 sqft. And the guideline value if 2000rs per sqft.
Stamp duty charges will be 2400 * 2000 * 0.08 = Rs 3,84,000
a. Construction agreement registration (Only for new apartments)
Construction agreement – 2% charges followed by
b. UDS registration (8% stamp duty including registration fees)
Total saleable area of flat = 1000 sq.ft and U.D.S = 500 Sq. ft.
Guideline value of the property = 2000 rs/sq.ft and the total price is 50 lacs
U.D.S Registration charges = 2000 *500 = Rs 10,00,000
Stamp duty charges (8%) = 10,00,000 * 0.08 = Rs 80,000
For remaining value i.e. (50,00,000 - 10,00,000 = Rs 40,00,000)
Construction agreement charges (2%) = Rs 80,000
Check all legal documents with a lawyer before buying any property.
Patta is issued only for lands and not for individual apartments.
Always check the A-Register available in VAO office before buying any property.
All details furnished here are related to Tamilnadu only and are subjected to change based on government norms.
All the information given above is only advisory and not liable for any legal commitment.