Registration Department finalises method of fixing composite value of flats for registration in Tiruchi
The Hindu
Tiruchi: Dept. of Registration fixes composite value of newly constructed apartments. 6% of value for flats below ₹50 lakh, 7% for ₹50-₹3cr, 8% for >₹3cr. Factors such as value of documents, advertisement & public enquiry taken into account. Basic flats ₹4,000/sqft, premium ₹4,500/sqft, ultra-premium ₹5,000/sqft. Buyers can appeal to Deputy Inspector General to revise value.
Ending days of suspense, the Department of Registration has come out with its plan of fixing the composite value of newly constructed apartments in Tiruchi.
As per a recent notification, which came into effect on December 1, the registration and stamp duty for apartments below ₹50 lakh will be 6% of their value. It will be 7% for apartments above ₹50 lakh but below ₹.3 crore and 8% for the flats valued above ̥₹3 crore.
Until November, buyers had to register two documents for an apartment -- one was for the undivided share and another for the value of the flat. Now, the buyers are required to register only one deed for an apartment. Instead of valuing the property based on the undivided share of land and the amount mentioned in the sale deed between the buyer and the promoter, the Department said that the composite value of the flats would be taken into account to determine the value of the document registration.
Though the Department had come out with the plan of fixing the composite value of apartments, which are ready for registration, in Chennai and Coimbatore, it did not release its method of value fixation in Tiruchi, thereby leading to piling up of documents for registration of flats. According to industry sources, no new flats were registered since December 1 in Tiruchi. Registration Department officials were said to have told buyers to wait until the finalisation of method of value fixation.
The Department has now finalised the process of fixing of composite value of flats to be registered in Tiruchi.
As per the plan, according to official sources, apartments have been divided into three broad categories, basic, premium and ultra-premium. The value varies depending on the location. Various factors mainly the value of documents registered recently, advertisement of builders over the rate of flats and public enquiry have been taken into consideration while fixing the composite value of flats in different parts of Tiruchi. The minimum composite value of a square foot of apartments under the basic category will be Rs.4,000. Apartments with minimum facilities such as lift, car parking and compound wall come under the basic category. The value for the premium flats will be around ₹4,500 per square foot and about ₹.5,000 per square foot for the ultra-premium flats.
A senior official of the Department of Registration in Tiruchi told The Hindu that most of the flats in Tiruchi had been brought under the basic and premium categories. If a buyer bought a flat, classified under the basic category, measuring 1,000 square feet, its composite value would be around ₹40 lakh. The registration and stamp duty would be ₹2.40 lakh (6% on composite value). If the buyers felt that the calculated composite value was high, they could appeal before the Deputy Inspector General of Registration, who was empowered to revise the value to an extent.
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