Tamil Nadu government declare “No registration fee, stamp duty for new apartment”

The welcome move comes shortly after some sub registrar offices demand registration of apartments attracting stamp duty and registration fees.

The registration department in Tamil Nadu has clarified that there is no need to pay stamp duty and registration fees when they are ready to occupy new apartments and buildings. The move comes in the wake of an effort brought in during the COVID-19 crisis and is set to provide some relief for house buyers.

It should be noted that this is only applicable to the first sale of the property.

The Inspector General of Registration  issued an order that defines the Undivided Share (UDS) of a property under the bracket of stamp duty and registration fee.

If a document is submitted for registration for the first sale of an undivided part of the land, the registration authorities are instructed that the subject of the sale document for the sole reason of issuance of completion certificate being competent to the building. Do not demand or urge to be included. A communication from the Inspector General of Registration for Sub-Registrars said.

This will help house buyers save a combined 11% stamp duty and registration fees that they will have to pay for the new apartment.

State Treasurer of the Builders Association of India S Ramaprabhu said that the order is subject to UDS only for stamp duty and registration fee.

For example, the price of a new flat is Rs 60 lakh, out of which UDS is Rs 20 lakh and the remaining Rs 40 lakh is the price of the apartment. House buyers do not require stamp duty and registration fees on the building. This is a welcome step for property buyers in completed projects as it does not attract GST,” he said.

Real estate has not grown well in the last few years due to several policy changes. The current epidemic has also dealt a severe blow to the industry. It is anticipated that the move will boost consumer sentiment and help in faster recovery of the sector.

Report suggests that RERAs extends the project deadline by 6–12 months

In a recent report by the PHD Chamber of Commerce, findings from various real estate bodies have suggested that the Center advise all the states to extend the deadline for Real Estate Regulatory Authorities (RERA) to complete projects ranging from six months to 1 year. Should be given just 3 months in the wake of the COVID-19 crisis and the ensuing nationwide lockdown.

The industry body has also proposed that a six-month suspension period be allocated for payment of local body taxes such as municipal taxes and property taxes.

It further suggested that current projects are considered assets to be loaned to developers.

The report states: “Stamp duty and registration fees should be reduced or waived on flats completed for a period of about one year. This will not only be a major challenge for the real estate sector, but it will also boost demand in key industries like cement, steel, electrical etc., while at the same time providing employment opportunities. This can go a long way in rejuvenating economic activities. "

It acknowledged that although the RBI's cut in the emergency rate would reduce interest rates, consumer sentiment should be further stimulated to buy a home.

According to the report of the Board of Industries, "It is suggested that the deduction in interest for home purchases should be reduced this year. For example, for the current year, the deduction of interest may be paid 200 percent of the interest. , Followed by deduction of 175 percent interest paid for the second year, 150 percent deduction of interest paid for the third year and so on. "

It has been suggested that the industry would be helped, such as during the COVID-19 crisis, that the minimum wages of construction workers would be borne by the government using labor funds collected by the developers.

The report also touched on a long-awaited request for industry status for the real estate sector.

Under Pradhan Mantri Awas Yojana Gramin PMAY(G) Center for construction of 50 lakh houses in rural areas

Recently, the government said that by March 31, more than 50 lakh houses in rural areas across the country will be constructed for the poor as part of a central scheme that will bring social change in the villages.

A target was set to construct one crore new houses by 31 March 2019 under the PradhanMantri Awas Yojana - Rural PMAY (G). Of these, 51 lakh houses were to be completed by 31 March 2018, the Ministry of Rural Development said in an official statement.

The Ministry of Rural Development said in an official statement that under the Pradhan Mantri Awas Yojana (Rural), a target was set to build one crore new houses by 31 March 2019. Out of which 51 lakh houses were to be completed by 31 March 2018.

After its launch in 2016, it took some time to complete the process of beneficiary registration, geo-tagging, account verification etc. The ministry said it used the 2011 Socio Economic Census to select beneficiaries.

The homeless and those living with a kuccha roof or two kachcha rooms are the beneficiaries of this poor PMAY scheme.

The ministry said that the houses are planned by the best institutions after studying the existing local design configurations and are constructed by the beneficiaries as needed. The cost of construction of the houses is directly transferred to the accounts of the beneficiaries.

The poor are getting safe houses and can live with self-respect with facilities like toilets, drinking water facilities, electricity connections, cooking gas connections etc.

To check transparency and corruption, the Center has put in place an online policy, where anyone can view the construction of houses with geo-tagged photographs and give full details of beneficiaries and the expenses incurred to them.

The ministry has also decided to conduct a study on social change to understand the impact of the housing program. In addition, the National Institute of Public Finance and Policy will also study the impact of high demand for steel and cement on governance reforms and development under PMAY (G).

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Writing-irreversible reasons with the help of Society by-law

Housing societies need a set of rules and regulations to run large or small.

However, they require bye laws in place to register it. The in-laws are nothing, but the guidelines have to be followed by the members of the society to ensure the proper functioning of the community. In addition, with the help of bye-laws, issues can be addressed in a timely and effective manner.

These are local / private laws and are imposed immediately after the housing complex is registered. These laws are mandatory and extremely useful as the day-to-day functioning of the campus is monitored and the issues are resolved in no time.

The by-laws also cover all monetary transactions conducted and received by the housing committee and require members of the housing committee to show all monetary details during the audit. It is here that it becomes difficult, especially for the Treasurers, to keep a record of irrevocable liabilities. Well-known irrevocable dues include loans and money spent to recover any cause or loss caused by circumstances inevitable by the housing society.

Laws are different for different societies as it also depends on the committee members which laws they want to incorporate for the smooth functioning of their society. However, below are the two main by-laws which we feel should be added to the by-laws of any housing society for the committee so that its irrevocable arrears can be written off smoothly.

Society By-Law No. 148

Under this law, fees charged by society according to irreparable dues can be written off and members are required to pay these expenses. As noted before these irrevocable liabilities, some money for debts or other such accumulated losses may be spent to recover the stuck. However, check whether classified as irrevocable arrears as stated by the statutory auditor appointed under Section 81 of the Act.

Society By-Law No. 149

•    By-laws can be written only when the general body of the society approves the same.
•   If the society is indebted to a financial agency, the approval / approval of the agency is very important for such amounts.
•   The third also requires the approval of the registration authority. However, if the Society is classified as A or B in its final audit, the bank's permission (if it is associated with any) or any such financial agency or registration authority is not required.
•   By-laws are thus important for every housing society, not only for their proper functioning but also for registration and other legal processes. However, if you want to get an in-depth knowledge about these

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Tamil Nadu has a plan for portability in registration of properties in sub-registrar offices

CHENNAI: In an effort to safely secure the registration of properties, the state government is plotting to allow all sub-registrar offices in a proper registration district to monitor properties falling under its jurisdiction. Hitherto, sub-registrar offices can only control assets that appear to support their personal revenue jurisdiction.

Tamil Nadu, is divided into 50 registration districts and which has 37 revenue districts. The Chennai zone is divided into five registration districts embracing the revenue districts of Chengalpattu, Kanchipuram, Chennai and Thiruvallur.

The Chennai zone, which values ​​for 45% of the entire revenue produced in TN within property transactions, is estimated to be the most significant successor. Residents, who can travel 30 km from the core city areas to register properties set up in outlying cities, can now visit the sub-registrar office adjacent to their homes.

Kanchipuram and Thiruvallur districts will also benefit the people as the official boundary of the Kanchipuram District Registrar Office covers the entire Thiruvallur's district. Cross-registration of properties from one (registration) district to another, however, will not be allowed.

'Proposal under consideration of government'

For example, a person residing in the core city area who needs to sell a tract of land in Padappai is not required to inspect the sub-registrar office of Padappai. Alternatively, he can manage the sales deed at Adyar or Guindy registration offices.

Currently, district registrars in particular have the ability to provide land registration in any office in their (registration) district. Another official said, "This is decentralization of these capabilities for all registrars." The system is currently supported beyond the Pune region in Maharashtra, the source continued.

The movement will also help boost the number of property registrations in sub-registrar offices that prevent some land registrations. While some sub-registrar offices execute up to 100 transactions through the day, others record only several transactions in the respective registration district. The district registrar said, "With this facility in the community, people can estimate the registration offices of their choosing based on free time slots." This will definitely reduce the waiting time in offices, he continued.