“According to her, the main cause of land grabbing and false registrations will be due to the fact that the registration of proxy documents, sales contracts and agreements relating to the deposit of property instruments is optional,” he said. A chamber of judges C.V. Karthikeyan and N. Sathish Kumar found that the law did not allow agents of the registration division to insist on court decisions annuating contracts of sale, if any, before registering deeds of sale, deeds of gift, instruments of transaction or other documents of transfer of ownership executed by the owner. In May 2020, TN`s registration department clarified that new and ready-to-move homes and buildings should not pay stamp and registration fees. This only applied to the first sale of the property and only the undivided part of the land (UDS) would be subject to stamp duty and registration fees and not to the super built area. “Land and land in and around Chennai has moved relatively quickly,” says T Balabhaskar, a local real estate entrepreneur, adding that total sales have suffered from restrictions on intergovernmental travel and the increase in Covid 19 cases. Local brokers are also hoping that actual sales have lived, as on-site demand has increased. Potential home buyers have inquired about price advantages, skonti and tailor-made packages and see an investment opportunity despite the pandemic. Stamp duty must be paid on all documents registered in India in accordance with the Registration Act. The rate of stamp duty varies from state to state and depends on the nature of the transaction, such as sale, lease, gift, mortgage, etc.
In addition, stamp duty rates may vary depending on whether the declarant of the document is a male, female or legal person such as the company or the LLP. In this article, we look at stamp duty rates in Tamilnadu. In accordance with the amendments, the registration of documents relating to the power of attorney, the contract of sale, the agreement to deposit the title deeds and the construction contract was made “compulsory” in accordance with section 5(i) of the Indian Stamp Act, 1899. On October 29, 2020, the registration department saw a record registration of 20,307 documents with 575 sub-registrar offices. The sale of stamp and registration duties that day brought Rs 123.35 crores. October was a good month for the department with a salary of Rs 1.096 billion. The registration of a contract of sale that expresses the will to sell a property to a particular person if he receives in the future full payment is not an obstacle for the owner of the property to sell or transfer the property to a third party without the contract of sale being annulled by a judgment of civil justice, decided madras High Court. “We assume that registrar does not have the right to refuse registration of the following document on the grounds that the sales contract has already been registered for the same property.” In order to prevent land theft, the registration of documents relating to powers of attorney and property purchase contracts will be made mandatory in Tamil Nadu from December. In early 2020, property listings declined due to the coronavirus pandemic and the resulting lockdown. However, from August 2020, sales increased, as evidenced by income from real estate registrations in August, which amounted to 793 billion lire.