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No registration fee, stamp duty for new apartments in Tamil Nadu

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In a relief for homebuyers, the registration department in Tamil Nadu has clarified that ready to occupy new apartments and buildings need not have to pay stamp duty and registration fee.

The move comes in the wake of some sub-registrar offices demanding to register the apartments attracting stamp duty and registration fee.

However, it is applicable only on the first sale of the property.

Inspector general of registration on May 11 issued an order that confines Undivided Share (UDS) of a property under the bracket of stamp duty and registration fee.

“If a document is presented for registration for first sale of undivided share of land, the registering officers are instructed not to demand or insist on inclusion of building in the subject matter of sale document for the sole reason that completion certificate has been issued by the competent authority to the project,” a communication from the inspector general of registration to sub-registrars said.

This would help homebuyers not pay the combined 11% stamp duty and registration fee for new apartments.

Builders Association of India state treasurer S Ramaprabhu said that the order paves way for subjecting only UDS for stamp duty and registration fee.

“For instance, a new flat costing Rs 60 lakh, of which UDS is Rs 20 lakh and rest Rs 40 lakh is the price of the apartment. Homebuyers need not shell out stamp duty and registration fee on the building. It is a welcome move for those buying properties in completed projects because it does not attract GST,” he added.

How does one verify whether an Indian property is legally compliant in all respects?

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It is important for an NRI to pay attention to factors like the legitimacy of land, compliances to be followed during construction, environmental clearances, etc., at the time of a property purchase. As real estate is a state subject, laws may differ from state to state and there is, therefore, no one-size-fits-all response.

Before buying such a property, the NRI should ideally consult a lawyer to examine all the legal documents and verify their authenticity. They must also check whether the project is registered under the respective state RERA and whether or not it is fully RERA-compliant. However, many Indian states and Union Territories still do not have a functional RERA website, and this is where the services of a reputed real estate consultancy can be invaluable to save on time and effort, and ensure that all the boxes are ticked.

How to repatriate funds from real estate investment, both for rental income and proceeds on sale?

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The laws are quite lenient but have some provisos.

There is no restriction on NRIs for repatriating rental income or even property sale proceeds (other than agricultural land, a farmhouse and plantation property) as long as the total proceeds are within the set limit of USD1 million in a fiscal year.

The conditions are:

The property being sold was acquired as per the foreign exchange regulations applicable during that period.

– The amount being repatriated cannot exceed the cost of the sale proceeds from the transaction.

– The sale proceeds from a maximum of two residential properties can be repatriated.

– The maximum amount of repatriated funds from a Non-Resident Ordinary (NRO) account is capped at $1 million per fiscal year.

– Funds can be repatriated only after settling all the applicable taxes and other charges.

If the property was purchased with money received from inward remittance or debit to NRE/FCNR/NRO account, the entire principal amount can be repatriated outside India immediately while the balance must be deposited in an NRO account.

To start the repatriation process, the NRI must get a certificate from a Chartered Accountant (CA) in India, issued in Form 15CB. The form can be downloaded easily from the Indian government tax website. This form verifies that the money acquired was via legal channels and all due taxes have been paid. The CA verifies and signs the form.

The next step is to fill Form 15CA which can also be downloaded from the same website. The form must be filled and submitted online, after which a system acknowledgement number is automatically generated and displayed. The NRI must print out the filled undertaking of Form 15CA displaying the system-generated acknowledgement number, and sign it.

The final step is to take the signed undertaking along with the CA certificate on Form 15CB to the bank where one has an NRO account. The concerned bank will check the forms and transfer the money abroad (up to $1 million in an FY). Apart from these forms, the bank will also ask for a copy of the sale document of the property. If the property has been inherited, the bank will ask for the Will copy, legal heir certificate, and death certificate of the person on whose death the property was inherited.

Can a property be gifted, and what are the statutory charges levied on a gifted property?

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An NRI can gift residential and commercial property to a person resident in India or to another NRI. However, if the property is agricultural land, plantation property or farm house, it can only be gifted to an Indian citizen residing in India.

Gifts received from relatives (as defined under the Income Tax Act) are not taxable,
But when registering, one must pay the prevailing stamp duty and registration fees. Relatives include a wife, brother or sister, wife’s brother or sister, brother or sister of one of the parents, and any descendant or descendant of self or wife.
If the gift is received at the wedding or from a registered trust, it is exempt from tax.

Some NRIs are more interested in investing in Indian real estate through companies they have created on foreign soil, or they may work in a foreign company that is interested in making a footprint in India.

Know your EMI Holiday

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Take advantage of the moratorium period: Announcing major relief to home loan borrowers in the aftermath of the Covid-19, the RBI on March 27, 2020, deferred EMI payments under a three-month moratorium period apart from bringing down the repo rate to a record low of 4.4%. The Reserve Bank of India announced a major relief for home borrowers after Kovid-19, and on March 27, 2020, the EMI deferred payments for a period of three months, except for the reduction of the Remo rate by one month. The record low is 4.4%. Because the the moratorium is from March 1 to May 31, you have two months off.

However, take note of the many catches at this opportunity. First of all, this is not an EMI holiday – you have to pay EMI with interest later. Delayed payments in your credit history are not classified as a default link, but you have two months of relaxation from the Reserve Bank.

Additionally, whether the benefit extends to you is at the bank’s discretion as an invitation to your lender and as an interest charge for late EMI payments.

Suppose your home loan EMI is Rs 40,000. Up on non-payment, this amount will be added to the loan principal. In the next month, the interest will be computed on the loan outstanding, along with Rs 40,000.

For the borrower who has been laid off, not taking this option is not actually an option. “While availing of the moratorium will cost them additional interest cost, it will give them at least a two month window to get a job or arrange funds from other sources, without hurting their credit score,” says Chaudhary.

In Tamil Nadu, property registration offices open for Registration

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Registrar’s Offices have been advised to act as registrations of property may be lower than the last fiscal year, and the target may be lost.

Asset Registration is one of the major companies earning government revenue and has contributed Rs 11,100 crore in 2018-19. Registration department sources said it was difficult to reach the previous year’s collection. “We expected revenue to be over Rs 11,100 crore last year, however it is a difficult task to achieve the target of Rs 13,122 crore set by the government.

Now, considering the coronavirus crisis, it is not possible to match 2018-19 earnings, ”said a logistics official.
March is an important month for the Department, as there are a large number of documents filed with financial institutions for loans.

Property registration in the city and suburbs has been hampered as people have postponed the outbreak of the Corona virus. There are a minimum number of footfalls in the Office of the Deputy Registrar.

Secure Your Property In Chennai Now

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Chennai is a metropolitan city and there has always been a steady growth in the infrastructure, education and transport sector, making life easier for people. People from different states and cultures can live comfortably in Chennai as the environment is very welcoming. So many people from towns and other non-metropolitan cities can find jobs in Chennai and can live here. So it is smart to invest in a property in Chennai.

Chennai has always been a stable property market. The prices are consistently stable and affordable. In the long run, the value of the property always increases if you ever want to resell it. Rental properties are affordable compared to any other metropolitan area in India. Buying or renting properties in Chennai provides a stable and reliable market to invest in.

As for India’s economic growth, we cannot deny that chennai, the capital of Tamil Nadu, contributes a huge percentage to the economy. The city has a number of well-known educational institutions, a growing IT sector and also known as an industrial hub in Tamil Nadu. As a result of the booming economy, investing property in Chennai will be profitable and valuable in the long run.

Real estate market trends in Chennai 2020

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As understood by recent reports, the real estate market is showing signs of strength with continued growth in India
despite the slump in the economy in 2019. In the previous year, the trend was the same: real estate rates were very
low or stagnant. Well, when it comes to construction types, more than 60 per cent of them are budgeted segments.

In today’s scenario, by 2020, according to experts, there is likely to be a phenomenal growth in the real estate sector.
Home sales in Chennai, especially South Chennai, were up more than 8%, where the total number of new launches continued
to rise.

According to the report, many tenants living in Chennai are focusing on getting their own properties in the city by 2020.
The two main reasons for this shift are the unchanged real estate market rates and the decrease in home loan rates,
which are particularly beneficial to the growing middle class population.

By 2020, the city hopes to see a lot of changes and expansions in the region, including its southern and northern parts.

With sustained business activity taking place in and around the city, there is certainly hope for substantial real estate
market growth, with many interested home buyers looking to get their dream home this year


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