Apartment first sale in tamil nadu
Querist :
Anonymous
(Querist) 15 November 2024
This query is : Resolved
The Tamil Nadu Govt. has enacted an act in 2023 by which the first sale of a Flat in an apartment will attract only 6 % as DOCUMENT REGN .CHARGES . I intend to buy a flat from a promoter who has purchased by a Regd. Deed 2500 Sq. Ft . of undivided land out of a 25000 Sq. Ft. land from the land owner in 2015 , and has constructed five flats on this 2500 Sq. Ft. in different floors . He is also the same person who has constructed all the six floors with 30 flats under a joint development agreement with the land owner , and has sold 29 flats in 2023 before this TN Govt. Act. came into force . It is obvious that the promoter has purchased a part of the land and has constructed flats on it and is selling one of it to me now which has remained unsold and unoccupied with NIL EB reading . The Sub Registrar says it is second sales . Am I eligible for 6 % Regn. Charges ?
Dr. J C Vashista
(Expert) 15 November 2024
Stamp duty and registration charges is a State subject, consult concerned Sub-Registrar / local lawyer or a document writer.
T. Kalaiselvan, Advocate
(Expert) 15 November 2024
You are required to pay the applicable stamp duty and registration charges at the time of execution of registered sale deed, what is your actual query?
Querist :
Anonymous
(Querist) 15 November 2024
In Tamil Nadu the normal stamp duty plus Regn. charges for property sale deed is 9 % . In case of new flat sale as per the TN Govt. Act enacted in Nov. 2023 , it will be 6 % net only if it is under Rs. 50 Lakhs , . What is the applicable rate in my case since the Registrar says it is second sales based on the land purchased in the earlier document over which only this flat has been constructed . The price of this flat is Rs. 48 Lakhs .
T. Kalaiselvan, Advocate
(Expert) 15 November 2024
Yes, this is second sale only hence the stamp duty will be applicable for the whole unit which will include the price for the land beneath and the structure constructed over it.
You may have to pay the stamp as per total sale consideration amount.
kavksatyanarayana
(Expert) 15 November 2024
As per TN's instructions, from 01-12-2023, stamp duty will be reduced to 6% when the title to the underlying undivided share of land and the superstructures is conveyed by way of a single instrument, i.e., a sale deed, which will contain both the description of the undivided share of the underlying land and the description of the super built-up area of the flat, but you will not come under that provision.
Querist :
Anonymous
(Querist) 15 November 2024
Thank you for your kind and esteemed opinions . The promoter has bought 2500 sq.ft in 2015 and has constructed the flat on it in 2023 . I am purchasing it by a single deed mentioning the UDS and the super structure together as one schedule , for a sale consideration of Rs. 48 Lakhs. Can I assume from your opinions , that 6 % is applicable only to apartments built under joint development agreement between land owner and the developer ? In my case does it look like selling a residence built on a land acquired earlier, and hence comes under normal sale of 9 % ?
T. Kalaiselvan, Advocate
(Expert) 16 November 2024
In my opinion you have purchased the land beneath and the structure above as a single unit with proper schedule off property, hence you may be liable yo pay the stamp duty as applicable for the unit which may be considered as second sale.
