Dear All,

I have recently bought a resale flat in T.Nagar. The buy price is less than guideline value of the flat. I came to know that we can register the flat at the actual buy price (which is less than the guideline value) by filing form 47-A. Has anyone done this? Knowledgable people, pls advice whether I would be able to get the flat registered for a lesser value with 47A (which will save me a good sum in registration cost).

Thanks
Prabakar
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  • Originally Posted by rprabakar
    Dear All,

    I have recently bought a resale flat in T.Nagar. The buy price is less than guideline value of the flat. I came to know that we can register the flat at the actual buy price (which is less than the guideline value) by filing form 47-A. Has anyone done this? Knowledgable people, pls advice whether I would be able to get the flat registered for a lesser value with 47A (which will save me a good sum in registration cost).

    Thanks
    Prabakar


    Hi Prabakar, can u share the agent details, as I too am looking for resales (in case you feel they are good and clean)
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  • You have mentioned that "Recently purchased". Is it not registered yet?

    Anyway,You have to file 47A after registration and DRO will issue notice to collect additional registration cost. They may reduce it after the inspection but it is lengthy process and will take 3 to 4 months to get sorted out and getting back the documents. If you are on loan the Bank may insist paying registration cost on guideline value to get the papers asap.
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  • Thanks..

    Any drawback in getting documents with a delay of 3-4 months? Am not taking a bank loan, so it is not a problem for me to wait if I can save this unwanted extra registration cost. Do I have to shell out something "extra" to get this 47A done ?

    Originally Posted by sunr2i
    You have mentioned that "Recently purchased". Is it not registered yet?

    Anyway,You have to file 47A after registration and DRO will issue notice to collect additional registration cost. They may reduce it after the inspection but it is lengthy process and will take 3 to 4 months to get sorted out and getting back the documents. If you are on loan the Bank may insist paying registration cost on guideline value to get the papers asap.
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  • Close to impossible to register below GV.

    Also just wanted to remind you, the GV is for UDS. GV is some areas are still way undervalued.
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  • Hi VP,

    I know the seller personally in this case. So I did not go through any agents for this purchase

    Regards
    Prabakar

    Originally Posted by vettipayyan
    Hi Prabakar, can u share the agent details, as I too am looking for resales (in case you feel they are good and clean)
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  • Hi K11,

    Thanks. I got tempted as the difference b/w registration cost is a good 75 k. If it is gonna be impossible, I can drop the idea. Pls let me know why you think it is impossible

    Regards
    Prabakar

    Originally Posted by k11
    Close to impossible to register below GV.

    Also just wanted to remind you, the GV is for UDS. GV is some areas are still way undervalued.
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  • You can check up, if you get it done then you are lucky. I am just saying it is difficult, not impossible.

    The problem if your neighbour has a sale and registers it with higher value then your case becomes difficult to approve. Also you might have to shell out extra money even if it is posssible.

    Good Luck and Congrats on your purchase.
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  • @Prabhakar,

    IMHO, You can not register your flat Undervalued. Definitely Tnagar GV Known to the SRO folks, They will not allow you to register it with the under valuation. Even then they will do a site visit to confirm the rate that you try to register.

    47-A is useful only when the valuation is not determined for the locality or plot

    Below link might be useful for you

    The Hindu : Property Plus Chennai : Appealing against stamp duty
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  • 47A is deadly when docts go to Secondline Beach Road. You have to pay the differential stamp duty and retire the Docts after paying through RBI and rescanning the SD . A times some of the vital second page details must be torn.

    SRO advises most of the times and never admits undervaluation Docts nowadays. Besides, GV is for land value of UDS and for Flat, Certified Valuers Report acceptable to SRO with depreciation,age of building ,Internal Spec and amenities are a matter to be introspected before inspection is carried out . Tired twice in my experience only to loose the LTI in second page half of it .
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  • 75k is not worth saving if you want go thru 47A route.
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  • Originally Posted by sunr2i
    75k is not worth saving if you want go thru 47A route.


    I too agree, not worth the hassle.

    Even if you have to pay 20-25K under the table, max you will save is 40-50K, so not worth it.
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  • Nobody an avoid whether it is worth for 25 or 50 K since 47 A is very clear in recovering what is due and common as on that date of Regn
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  • Thanks to all for your answers. Although I realized that it is about 1+ lacs that I can save by registering at the real buy price as opposed to GV, decided not to try venturing into 47A route and end up paying money under the table. Rather pay it directly in stamp paper and save the hassles.
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  • 47a

    Hi friend u can go for 47A actually the documents will go to the collectors office after 1 or 2 years they may propose SAMADHAN scheme at that time u will be apying half the amount of ur pending and releasing ur document . U will not get ur original documents until this is done .
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  • Without having original document for 1 or 2 years is very risky and any body been in collect orate office know that state of condition over there. In India original document is the only proof for ownership
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