Can anyone guide howmuch stamp duty/registration fee is applicable for a 7 years old flat of 700 sqft(330sft uds) at nungambakkam . Owner quotes around 58L (guidance value for land is Rs 5500 pet sqft as per new guidance value)
Read more
Reply
12 Replies
Sort by :Filter by :
  • Originally Posted by artheeindia
    Can anyone guide howmuch stamp duty/registration fee is applicable for a 7 years old flat of 700 sqft(330sft uds) at nungambakkam . Owner quotes around 58L (guidance value for land is Rs 5500 pet sqft as per new guidance value)


    Hope u have verified the GV value on the Govt site.

    Refer this Thread for more info https://www.indianrealestateforum.com/forum/city-forums/chennai-real-estate/38571-impact-of-new-guideline-value-on-chennai-real-estate/page2?t=40496&page=2

    To experts in this thread, Is this a correct tool?

    http://property.sulekha.com/stamp-duty-calculator
    CommentQuote
  • Originally Posted by artheeindia
    Can anyone guide howmuch stamp duty/registration fee is applicable for a 7 years old flat of 700 sqft(330sft uds) at nungambakkam . Owner quotes around 58L (guidance value for land is Rs 5500 pet sqft as per new guidance value)


    UDS looks bit low. Check if the buildings has approvals.

    Price is also too good to beleive, but it depends on the street and the area. So it might be fine.

    Stamp duty is 8% of the property value and 1% is for registration.
    Guideline value is the minimum property value.
    CommentQuote
  • Originally Posted by k11
    UDS looks bit low. Check if the buildings has approvals.

    Price is also too good to beleive, but it depends on the street and the area. So it might be fine.

    Stamp duty is 8% of the property value and 1% is for registration.
    Guideline value is the minimum property value.


    Stamp duty was reduced to 7% and registration charges retained at 1% in the last state budget.
    CommentQuote
  • May visit the link

    Guideline Value

    and put SF No,Street or Road or Category to arrive at correct GV

    For 7 years old 700 sqft flat , depreciated value workout to 8.4 lacs to convince the Inspection team and 47 A clause since it is second sale

    Stamp duty of 7% and Regn fee of 1% is applicable on ( UDS GV+8.4 lacs flat value)

    Price of 56 lacs is damn cheap but location is not known since Price ranges from 8000- 16000 for 7 years old flat in that Area.



    Originally Posted by artheeindia
    Can anyone guide howmuch stamp duty/registration fee is applicable for a 7 years old flat of 700 sqft(330sft uds) at nungambakkam . Owner quotes around 58L (guidance value for land is Rs 5500 pet sqft as per new guidance value)
    CommentQuote
  • Originally Posted by artheeindia
    Can anyone guide howmuch stamp duty/registration fee is applicable for a 7 years old flat of 700 sqft(330sft uds) at nungambakkam . Owner quotes around 58L (guidance value for land is Rs 5500 pet sqft as per new guidance value)


    You need to first arrive at the total value as per guideline

    It would be UDS X Land guideline value + Area of flat X Fair market construction cost

    For discussion sake

    330 X 5500 + 700 X 1000 (1000 is assumed value. Could be more or may be less depending on electrical points, amenities etc)

    18,15,000 + 7,00,000 = 15,15,000/-

    On the above calculate 7 % + 1 % = 8%

    2,01,200/-

    This is how typically stamp duty + registration charges are calculated for resal flat.

    You can change the numbers and do the math.
    CommentQuote
  • You pay stamp duty on whichever greater of 58 lacks or ( GV * UDS + buliding value ).

    In your case the assessment value would be 5500*330 + 12 lacks = 18.1+12 = 30 lacks.

    In your case you would pay stamp duty (7%) + reg charge (1%) of 58 lacks.
    CommentQuote
  • Thanks for correcting me, I forgot about 7%.

    One very important thing,

    Stamp duty and registration is collected from the sale value.
    Guideline value is minimum sale value.

    If the transaction is done in 100% white then it will be 8% of 58L.

    If you need loan then you do a white transaction.

    If you do transaction in colored money (cash), then you pay 8% of GV, which is less than 58L.
    CommentQuote
  • Thanks K11 and sunr2i for pitching in. Yes. It would be greater of 2 (Guideline or sale consideration) for calculating stamp duty & registration charges. In my example, I took guideline value for explanation purpose.
    CommentQuote
  • Thankyou all of you.

    I could see that in reginet web site GV has been clearly mentioned streetwise.

    However i don't find such streetwise construction cost of the flat per sq. ft.
    (I assume it will be assessed after inspection value may varry from one flat to another flat of the same size falling under the same street)
    CommentQuote
  • Originally Posted by artheeindia
    However i don't find such streetwise construction cost of the flat per sq. ft.
    (I assume it will be assessed after inspection value may varry from one flat to another flat of the same size falling under the same street)


    Construction cost is a depreciated value. It does not vary by street.
    I am sure the construction value of flat will not be more than 5-6L. Govt estimations are very low.
    CommentQuote
  • Tnreginet which I refered is meant for UDS value as per GV determined by Govt.
    This has nothing to do with Construction cost as one may put Italinan Marble at 1500 per sqft when actual construction cost is 1000 per sft for ordinary flat.


    Originally Posted by k11
    Construction cost is a depreciated value. It does not vary by street.
    I am sure the construction value of flat will not be more than 5-6L. Govt estimations are very low.
    CommentQuote
  • It is 7% stamp duty and 4% registration fee
    CommentQuote