I intend to purchase a 2 BHK residential flat in Mylapore, Chennai. The plinth area of the property is 834 sq.ft. and the UDS is 720 sq.ft. The guideline value of the property in that area is 20000/- sq.ft. But the market value at which similar flats in the area at present, amounts to only about Rs.60 lakhs. Hence, the stamp duty payable on the sale based on the guideline value is exorbitantly high compared to the duty based on market price. How to get the stamp duty reduced to the minimum possible amount ? is it possible to get the Registrar to accept the going market price as the basis of calculating stamp duty & registration charges.
