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Are Registered Flats by Builders in Upcoming Projects New or on Resale?

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Are Registered Flats by Builders in Upcoming Projects New or on Resale?

Last updated: April 7 2014
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  • Are Registered Flats by Builders in Upcoming Projects New or on Resale?

    Builder purchases a flat in wifes name in the property he is constructing. Building under construction. UDS is registered. Now he plans to sell the flat registered in his wife's name. Will this be considered as a re-sale or still considered as a first sale for the new purchaser?

    Regards

    Venkat
  • #2

    #2

    Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

    Resale.

    Comment

    • #3

      #3

      Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

      Originally posted by Venkatb View Post
      Builder purchases a flat in wifes name in the property he is constructing. Building under construction. UDS is registered. Now he plans to sell the flat registered in his wife's name. Will this be considered as a re-sale or still considered as a first sale for the new purchaser?

      Regards

      Venkat
      Considering that the apartment is brand new, sale or Resale - doesn't matter - right?
      Sorry, I'm new to real estate. Can you please educate the pros and cons of sale vs resale of a building under construction.

      Comment

      • #4

        #4

        Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

        Originally posted by rmd007 View Post
        Considering that the apartment is brand new, sale or Resale - doesn't matter - right?
        Exactly. What difference does it make? This is not car to check the number of previous owners

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        • #5

          #5

          Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

          Sir ji.. it makes a difference.... when you buy the first time you register only UDS in sale agreement... you have the construction agreement separately... when you buy a resale house you register the entire house in the sale agreement.... also when you are re-selling it people would see that you have bought it from someone and not directly from builder... so resale value could diminish ....

          Investors normally dont register it in their names which is why even if you buy from investors before anyone has physically occupied the house it looks like you have bought from builder....Also new/resale has a emotional tangent which does not have any $ value ... If you are going ahead with buying just talk to builder and make sure you are getting a better rate/discount than others....

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          • #6

            #6

            Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

            Originally posted by eshwaran View Post
            Sir ji.. it makes a difference.... when you buy the first time you register only UDS in sale agreement... you have the construction agreement separately... when you buy a resale house you register the entire house in the sale agreement.... also when you are re-selling it people would see that you have bought it from someone and not directly from builder... so resale value could diminish ....
            .
            If my understanding is correct, now this rule has been changed
            Even if you buy the new flat we may have to register both sale UDS agreement as well as build up area or construction agreement. Please check (i may be wrong here).

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            • #7

              #7

              Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

              UDS is registered with 9% stamp duty and construction agreement 2%. For resale the entire sale consideration will attract 9% stamp duty

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              • #8

                #8

                Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

                Originally posted by eshwaran View Post
                Sir ji.. it makes a difference.... when you buy the first time you register only UDS in sale agreement... you have the construction agreement separately... when you buy a resale house you register the entire house in the sale agreement.... also when you are re-selling it people would see that you have bought it from someone and not directly from builder... so resale value could diminish ....

                Investors normally dont register it in their names which is why even if you buy from investors before anyone has physically occupied the house it looks like you have bought from builder....Also new/resale has a emotional tangent which does not have any $ value ... If you are going ahead with buying just talk to builder and make sure you are getting a better rate/discount than others....
                Ah.. Got it now..

                Comment

                • #9

                  #9

                  Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

                  Originally posted by steelman View Post
                  UDS is registered with 9% stamp duty and construction agreement 2%. For resale the entire sale consideration will attract 9% stamp duty
                  It is not 9%, it is 8% for TN (7% for Stamp Duty and 1% for registration fees)

                  From here : TNREGINET Duty & Fees

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                  • #10

                    #10

                    Re : Are Registered Flats by Builders in Upcoming Projects New or on Resale?

                    It is a Resale property without Depreciation Value, Go for Settelment Dead.

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