A new set of market-based guideline values for property registration will come into force from January, builders and buyers in Tamil Nadu are rushing to close deals before the charges are revised.
The number of property deals has witnessed a sharp rise after the announcement for revised guidelines was made. Thus in the month of November alone, the Tamil Nadu government mopped up Rs 715 crore from stamp duty and registration charges.
A senior government official said that there is a panic in the minds of prospective buyers and builders, as stamp duty and registration charges will rise sharply once the new guidelines come into force.
A large number of transactions take place daily in cities like Chennai and Coimbatore.
The state government collected Rs 3,965 crore till November in the current fiscal from property registrations. This was 23.17% higher than the identical period last year.
And this is the highest earning for a month in the last 20 years.
During the year financial year, 2010-11, the State government's revenue from stamp duty and registration charges amounted to Rs 5,020 crore, which is expected to go up to Rs 6,500 crore.
The guideline value is the minimum value of a land determined by the government, based on which stamp duty and registration charges are calculated. The charges add up to 9% of the value of the property.
The draft of new guideline values was published on December 15, and the final values will be announced in January. The values were revised last way back in 2007.
The number of property deals has witnessed a sharp rise after the announcement for revised guidelines was made. Thus in the month of November alone, the Tamil Nadu government mopped up Rs 715 crore from stamp duty and registration charges.
A senior government official said that there is a panic in the minds of prospective buyers and builders, as stamp duty and registration charges will rise sharply once the new guidelines come into force.
A large number of transactions take place daily in cities like Chennai and Coimbatore.
The state government collected Rs 3,965 crore till November in the current fiscal from property registrations. This was 23.17% higher than the identical period last year.
And this is the highest earning for a month in the last 20 years.
During the year financial year, 2010-11, the State government's revenue from stamp duty and registration charges amounted to Rs 5,020 crore, which is expected to go up to Rs 6,500 crore.
The guideline value is the minimum value of a land determined by the government, based on which stamp duty and registration charges are calculated. The charges add up to 9% of the value of the property.
The draft of new guideline values was published on December 15, and the final values will be announced in January. The values were revised last way back in 2007.
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