Know about Registration Charges in Chennai

Stamp Duty and Registration Charges in Chennai

All You Need to Know About Stamp Duty in Chennai

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Stamp Duty and Registration Charges in Chennai

Final registration is not the end of all legal procedures of the new property you have bought. You will need to pay a fixed amount as the mandatory stamp duty and registration charges. These charges vary depending on the state. Paying the stamp duty and registration charges in Chennai assures that the property is officially registered in the buyer’s name. To register a property under the buyer’s name, the buyer has to pay a fee, which is a  property tax paid to the authorities. This fee is called stamp duty. Registration charges are paid to the same authority for doing all the paperwork to execute this process.

Land Registration Fees in Chennai

Check out the table below to understand the prevalent stamp duty and registration charges in Chennai in 2021. 

Document Classification

Stamp Duty

Registration Fee

Conveyance (Sale)

7% on the property’s market value 

4% on the property’s market value  

Gift

7% on the market value 

4% on the market value

Exchange

7% on the market value (the property with greater value is considered)

4% on the market value (the property with greater value is considered)

Simple Mortgage

1% on the loan amount (under Rs 40,000)

1% on loan amount (under Rs.10,000)

Mortgage with possession

4% on loan amount

1% (under  Rs.2,00,000)

Sale Agreement 

Rs. 20

If possession is given, 1% on the total consideration

Building construction related agreement

1% on the cost of the construction

1% on the cost of the construction

Cancellation

Rs.50

Rs.50

Partition 

i) Partition among family members

1% on the market value (under Rs. 25,000 for each share)

1% (under Rs. 4,000 for each share)

ii) Partition among non-family members

4% on the market value for separated shares

1% on the market value for separated shares

ii) General Power of Attorney to sell the immovable property (Power is given to a family member)

Rs. 100

Rs. 1,000

iii) General Power of Attorney to sell the movable property and for other purposes

Rs. 100

Rs. 50

iv) General Power of Attorney given for consideration

4% on Consideration

1% on consideration or Rs. 10,000, whichever is higher

Settlement

i)In favour of family members

1% On the market value (under Rs. 25,000)

1% on the market value (under Rs. 4,000)

ii) Other Cases

7% on the market value 

4% on the market value 

Source: Registration Department, TN

Let us take an example to understand the stamp duty and property registration charges. If you buy a property in Chennai worth Rs. 30 Lakh, then you have to pay the following charges:

Property registration charges in Chennai

4% of the property value

Rs. 1,20,000

Stamp duty Chennai

7% of the property value

Rs. 2,10,000

Effective cost of the property

Property value + registration charges + stamp duty

Rs. 3,300,000

Property Registration Charges in Chennai

The registration charges in Chennai are the same for the rural and urban areas. The registration charges in Chennai for a resale flat are 1% of market value or the agreement value of the property. The plot registration charges in Chennai are the same for men and women. It is advisable to conduct a thorough inspection of the property before entering into a property sale agreement. In Chennai, the property must be registered within four months of the execution of the sale agreement. The registration should be done at the Registrar/Sub-Registrar’s office of the jurisdiction where the property was purchased.

Stamp Duty in Top Cities of Tamil Nadu

City

Stamp Duty

Chennai

7% of the property value

Coimbatore

7% of the property value

Madurai

7% of the property value

Salem

7% of the property value

Tiruchirappalli

7% of the property value

What are the documents required for land Registration in Chennai?

Take a look at the stamp duty applicable on other property documents and instruments in Chennai:

Document Classification

Stamp Duty

Partnership deed where the capital does not exceed Rs 500

Rs. 50

Partnership deed (other cases)

Rs. 300

Memorandum of Deposit of Title Deeds

0.5% on loan amount, subject to a maximum of Rs 30,000

i) Release among family members (coparceners)

1% on the market value under Rs 25,000

ii) Release among non-family members (co-owner and benami release)

7% on the market value 

Lease below 30 years

1% on the total amount of rent, premium, fine, etc.

Lease up to 99 years

4% on the total amount of rent, premium, fine, etc.

Lease above 99 years or perpetual leave

7% on the total amount of rent, fine, premium of advance, if any, payable.

Declaration of trust (if property is there, it would be considered as a sale)

Rs. 180

Source: Registration Department, TN

How to Calculate Stamp Duty Value of Property in Chennai ?

Several factors determine the stamp duty you have to pay for the property. It includes;

 

  • Location of the property

  • Market value of the property

  • Usage of the property, whether residential or commercial

  • Type of property and the number of floors

  • Age and gender of the property owner

You can use a stamp duty calculator to determine the amount you have to pay as a stamp duty. All you have to do is enter the property details like the state in which it is located and the property value.

How to Pay Stamp Duty and Registration Charges Online ?

The stamp duty and registration charges in Chennai can be paid to the sub-registrar at the registrar’s office of the jurisdiction where the property was bought. The stamp duty and registration charges in Chennai can be paid online and offline.

 

  • E-stamping- You can go to the official website of Stock Holding Corporation of India Limited  (SHCIL) and pay the stamp duty and registration charges through e-stamping. You have to follow the instructions to obtain an e-stamp. 

  • ePayment system - You can use the ePayment system provided by the government of Tamil Nadu. Through the partnered banks, you can make the payment via two methods; 1. Net banking

2. Take “offline challan” from the Registration Department’s website and make payment in the partnered bank branches.

  • Physical stamp paper- You can pay the stamp duty and registration charges in Chennai in cash by physically going to the sub registrar’s office and paying the required fee.

How do I get a Refund on Stamp Duty in Chennai?

In case of any excess stamp duty payment, cancellation of a document or agreement, etc., you can claim a refund of your fee within 6 months. The amount will be refunded after a deduction of 10% from the total stamp duty paid.

 

Follow the steps mentioned below to claim a refund of your stamp duty and registration charges.

 

  • On the official portal of stamp duty charges, tap on the ‘Application for Refund of payment’ option.

  • Fill in the information like number, year, GRN (Government reference number), and payment details. 

  • In case there is any refund applicable to the entered query number, the amount will be directly credited to the bank account which was mentioned while the payment of the stamp duty and registration charges in Chennai.

How to check Market Value of Properties in Chennai?

  • To find the guideline value or market value for a property, visit the Tamilnadu Registration Department website.
  • On the left side of the window, select the zone for which the guideline value is required.

  • Select search by street name on the right-side pane. 

  • Enter the name of the street or part of the street name

  • Now, click on search to find the guideline value of a property on the next screen. 

  • The search query provides details of the guideline value, including street name, village name, sub-registrar office, guideline value, and property classification.

Properties Exempted from Stamp Duty in Chennai

All the transactions regarding the transfer of ownership are levied with stamp duty and registration charges in Chennai. The first sale of the newly constructed residential apartments has been exempted from the payment of stamp duty and registration charges in Chennai. This is applicable to the whole state of Tamil Nadu, but the benefit will be limited to the first instance of sale only.

Stamp Duty in Chennai: Grievance redressal

All the grievances related to stamp duty and registration charges in Chennai will be addressed if relevant issues are raised through the official website of Tamil Nadu registration department. Log in to your account and file an online petition regarding your issue on the Chief Minister's Special Cell Tamil Nadu.  You can always track the status of your grievances here. 

Disclaimer: The information provided here is for informational purposes only. Please visit the official website and do your research before you avail of any services.

 

Conclusion

Failure to pay a stamp duty or other relevant charges at the time of registration of newly bought property can make you liable to pay hefty penalties. In some cases, a lawsuit may be filed against you as well. Hence, it is important for you to cover the same when the time arrives. But, these charges could easily go up to a few lakhs, or crores, of rupees, depending on your property value. But, these costs can be easily taken care of with the help of a home loan. At Bajaj Markets, you can get a house loan at low interest rates and with repayment tenures of up to 30 years, provided you meet the basic home loan eligibility criteria and have all the home loan documents at your disposal.

 

Stamp Duty in Chennai FAQs

  • ✔️What is the current stamp duty in Chennai?

    The current stamp duty rate in Chennai is 7 percent of the market value of the property.

  • ✔️What is the stamp duty for gift deeds in Chennai?

    The stamp duty for gift deeds in Chennai is 7 percent of the market value of the property.

  • ✔️How do I calculate my registry charges in Chennai?

    Stamp duty is calculated based on the market value or the consideration value of the property, whichever is higher.

  • ✔️How can I check ownership of land in Chennai?

    You can check the ownership of land in Chennai via this link https://eservices.tn.gov.in/eservicesnew/land/poramboke.html?lan=en

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