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.

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

 SuGanta Realty Services llp