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.

RERA real estate Karnataka projects extends deadline to three months

Since the Karnataka Real Estate Regulatory Authority (RERA) has disrupted the supply chain of building materials across the country due to the lockdown, the extension of all residential buildings in Bengaluru has passed on completion. MAHA RERA had also extended the deadline to complete the projects by 3 months.

Apart from the disruption in the supply of construction materials, most of the labor workforce has also moved back to their house-towns. Given that the present conditions are not conducive to construction work.

The Karnataka RERA Authority has extended the project deadline by 3 months for all RERA registered projects, with the completion date expiring on or after 15 March 2020.

As per the Real Estate Act 2016 all the statutory compliance deadlines and rules and legislation which were to be held in March, April and May 2020 have been extended till 30 June 2020.

Importance of self-care during lockdown

The COVID-19 epidemic is nothing we are used to dealing with. There is so much fear, uncertainty, stress and more from the rolling lockdown, social distancing, working from home, losing a job, a failing economy that we are all going through.

 

In times like these, self-care is most important. Self-care can be defined as any activity that we do intentionally to take care of our mental, emotional and physical health. Self-care helps reduce stress, anxiety and illnesses, as well as helps in building better relationships with us and those around us.

  

      Ideas on starting your own self-care routine    

      The first thing is that everyone's self-care process and routine is unique, there is no one-size-fits-all option that you can blindly follow. Explore as many options as possible and then follow what feels good to you. What you can keep in mind is:

• Self-care is an active option. You need to make time for this in your schedule and let others know about it if it makes it more real. Pay attention to what you do, why you do it and how it makes you feel.
•  Try to follow a healthy, balanced diet.
•  Do things that help you get enough sleep. You need at least 7-8 hours of good, quality sleep each night.
•  Try to follow a healthy, balanced diet.
•  Take care of your health, go for regular check-ups, do not self-medicate and ignore the signs that your body sends you.
•  Learn to relax, meditate, try some relaxation exercises anytime that you find too stressful.
•  Connect or reconnect with your loved ones, enjoy spending time with them.
•  Do something every day that relaxes you and improves your mood. This can be anything from gardening to walking, cooking, playing with your pets. Spend at least 30 minutes doing this.
•  Look for opportunities to laugh, the best way is to arrange a call and talk with your friends and family. 
•  Stress-eat or not eat when you are emotional.
•  Start a magazine to keep track of your achievements and happiness.
•  Read or watch something that inspires or excites you.
•  Try your best to help our struggling community. Contribute time, money, or resources to those suffering around you.
•  Do something creative, draw, write, paint, play an instrument.
•  Take a long bath, this will help you relax, and give me some time.
•  Make your place more your own. Get rid of junk and do not hoard. Surround yourself with things that make you happy and keep you relaxed. Clutter is not well, so do regular cleaning.
•  From using face packs to body scrubs or massaging your nails, indulge in self-care. Do something that makes you happy and that helps you look and feel better.
•  This lockdown can mean a lot of things to us, but focus on how we can make the best use of this time. It is important to be happy and stay healthy, so if you never believe in self-care, this is the time to start.