It is critical to understand the extra expenses involved in purchasing real estate in Chennai if you intend to do so. The two most notable of them are stamp duty and registration fees, which are required by the state government in order to legalize real estate transactions. The registration charges for resale flat in Chennai are usually 1% of the property rate. I have shared more details on it below.
What is the Registration Cost for Resale Flat in Chennai?
When selling an old flat in Chennai, you must check the following details:
Stamp Duty:
7% of the market value of the property
Registration Fee:
1% of the market value of the property, subject to a maximum limit
Let’s understand it with an example calculation. If the sale price of the flat is Rs50,00,000:
Stamp Duty: 7% of Rs50,00,000 = Rs3,50,000
Registration Fee: 1% of Rs50,00,000 = Rs50,000
Total Registration Charges: Stamp Duty + Registration Fee: Rs3,50,000 + Rs50,000 = Rs4,00,000
Apart from this, there can be additional charges. These can include document verification, attestation, and other services, which can vary by registrar's office.
The registration charges, you can calculate based on the higher of the sale price or the market value of the property. I hope you understand resale apartment registration charges in Chennai.
Get Your Sale Agreement Drafted or Verified from Legal Experts at NoBroker.Read more
Do I Need to Pay Stamp Duty on Resale Flat
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What is the registration charges for sale of old flat at Chennai?
Mala
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2022-02-20T07:52:55+00:00 2025-02-10T14:00:18+00:00Comment
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