How to Calculate Registration Charges for Resale Flat in Chennai?

In Chennai, we are required to pay stamp duty and property registration fees in order to have our property officially registered under our name. I can help you with registration charges for resale flat in Chennai. 

Even though stamp duty is required in every state, Chennai—a major metropolitan area—pays a higher rate of 7% of the property's market value in stamp duty. Under the Registration Act of 1908, the property's registration will be void unless it is paid in full. So, if you want to own a home in Chennai, put aside enough money for it. Continue reading to learn all there is to know about stamp duty in Chennai.

What are the registration charges for resale flat in Chennai?

The applicable stamp duty and registration fees are made available by the Registration Department of Tamil Nadu. 

• The cost of stamp duty and registration in Chennai varies by purchased property and location. 

• For example, land registration fees in Chennai differ from apartment registration fees in Chennai. Chennai Land/Property Registration Fees: Registration fees are 1% of the property's market value, while stamp duty is 7% of the property's current valuation.

• Purchasers of resale properties are confused about whether to pay stamp obligation and resale property enlistment charges in Chennai or not. Since it's a property going through resale, past purchasers probably paid stamp obligation and enlistment charges at the hour of unique buy. 

Is it therefore necessary to pay resale flat registration fees and stamp duty in Chennai at the time of resale? 

The response is "yes"; In Tamil Nadu, the Registration Department has mandated it for resale property purchasers as well. Purchasers should pay stamp obligation at 7% of the property's fairly estimated worth and resale house enrollment charges in Chennai at 1% of the property's fairly estimated worth.

How to calculate registration charges for resale flat in Chennai?

The higher of the two values—

• the property's purchase consideration, 

• the guideline value, or the ready reckoner rate—

is subject to stamp duty and registration fees. The rates that apply to various properties have already been discussed. Subsequently to work out the stamp obligation and enrollment charges payable, basically duplicate the higher of the over two qualities by the pertinent rate.

I hope this helps you in understanding registration charges for resale flat.