| Transfer of Property Process in Chennai and Tamil Nadu |
Transfer of Property Process in Chennai and Tamil Nadu
Transfer of an immovable property starts with scrutiny of title deeds. It is the preliminary step needed in every transfer to ascertain the clear title and possession of the transferor. Next to ascertaining clear marketable title and possession is the registration process.
Process of Registration:
The formalities of registration are similar in Chennai and the rest of Tamilnadu. Entire Tamil Nadu including Chennai is divided into various registration districts. Each Registration District is divided into Sub-Registrations. Place in which the property situate decides the concern jurisdictional registration office. Executants of the Documents, Advocates and Licensed Document Writers are the only eligible persons to draft deeds
Requirements:
The following are required to register a document:
- Executed Document
- Copy of the document in the registration copy form (if the Registration of office fully computerized it is not required)
- Patta Transfer application with court fee stamp of Rs. 5/-
- The details of PAN / GIR number of the seller in case of the property stated in the document exceed Rs. 5 Lakhs or Form 60 Statements in case PAN/GIR Number not provided in the document.
- Registration fees
- Sub-Division fees
- NOC is required from local bodies concerned if the document relates to first conveyance of house site in an unapproved layout.
- NOC is required from concerned authorities, if the documents relating to the properties belonging to Government, local bodies or religious institutions.
- Two Photographs of Executants
- Original and copy of the identity proof and address proof for verification.
Document Details:
Name and Address of the Executants & Claimants of the document, consideration received for the sale, full details of the property including building are important details should be present in the document. The Executants should sign in the each page of the document and two witnesses should also sign at the end of documents. In respect of the sale deed both seller and buyer should sign the document and should appear before the registering officer.
Stamp Duty & Registration Fee: |
|
|
Categories of Document |
Stamp Duty |
Registration Fee |
1.
2. |
Sale
Gift |
8% on the market value of the property |
1% of the property. |
| 3. |
Exchange |
8% on the market value of the greater value. |
|
| 4. |
Simple Mortgage |
4% (on the loan amount) subject to a maximum of Rs. 20,000/- |
1% on loan amount subject to a maximum of Rs. 5000/- |
| 5. |
Mortgage with possession |
4% on loan amount |
1% subject to the maximum of Rs. 2,00,000/- |
| 6. |
Agreement to Sale |
Rs. 20 |
1% on the money advanced |
| 7. |
Cancellation |
Rs. 50 |
Rs. 50 |
| 8. |
Partition |
1% on the market value of the property but not exceeding Rs. 10000/- for each share |
1% subject to a maximum of Rs. 2000/- for each share. |
| 9. |
General Power of Attorney |
Rs. 100 |
|
| 10. |
Settlement
(a) In favour of family members
(b) Other Cases
|
1% On the market value of the property but not exceeding Rs. 10000/-
8% on the market value of the property
|
1% on the market value of the property subject to a maximum of Rs. 2000/-
1% on the Market Value
|
| 11. |
Partnership deed
(a) In favour of family members
(b) Other Cases
|
Rs. 50
Rs. 300
|
1% on the Capital invested
|
| 12. |
Deposit of Title Deed |
0.5% on loan amount subject to a maximum of Rs. 5000/- |
1% on loan amount subject to a maximum of Rs.1000/- |
| 13. |
Release |
1% on the market value of the property but not exceeding Rs.10000/- |
1% on the market value of the property subject to a maximum of Rs. 2000/- |
| 14. |
Lease
Lease below 30 years
Lease upto 99 years
Lease above 99 years
|
1 % } on the total amount
4 % } rent,premium, fine
8 % } etc.,
|
1% subject to a maximum of Rs. 5000/-
|
| 15. |
Declaration of Trust |
Rs. 180 |
1% on the Amount |
|
Market Value and Guideline Value:
Guideline Value of any land should truly reflect the market value. Guideline values have been fixed for all the areas in the State. Well established residential areas have only street based guideline values. The guideline values have been fixed for each survey number. This will remain unchanged till next revision. Statewide guideline registers are available at Chambers of Commerce, other Associations, Agricultural Associations and Panchayat Unions. It is also available with the Registering officer. This guideline values help registering officer in the detection of prima facie under valuation of property. The guideline value is a public document.
Limitation to Register Executed Document:
An Executed document should be registered within four months from the date of execution. The District Registrar may condone delay up to four months beyond the period of four months from the date of execution. But there is no time limit for executed Wills.
Return of Documents:
The Documents will be returned within one hour Registration. But if the inspection of land and building is required for arriving at the value of the property, the documents will be returned within fifteen days. At the same time, the return of registered documents may be delayed for fifteen days for want of required certificates from the parties, at the instance of parties and non-payment of required duty or fee or want of clarification on the nature of documents.
Statutory Remedies:
When registration of a document is refused, one can file an appeal before the District Registrar concerned within one month. The District Registrar, on appeal, can condone delay in presentation of document up to a period of 4 months on payment of fine. If anyone is aggrieved by the orders of the District Registrar demanding deficit stamp duty and penalty imposed, he may prefer an appeal before the Inspector General of Registration, who is the Chief Controlling Revenue Authority. If the party is not inclined to accept the guideline value maintained in the Registration offices, his document will be referred to the Special Deputy Collector (Stamps) for determination of market value who will inspect the property and determine the market value. If the difference of duty fixed by the Special Deputy Collector (Stamps) is not paid within 2 months from the date of order, 2% interest is chargeable from the date of default. Appeal against the final order of the Special Deputy Collector (Stamps) may be preferred to Chief Controlling Revenue Authority (Inspector General of Registration) Chennai, 28 within 2 months from the date of order passed by Special Deputy Collector (Stamps). An appeal provision is also available against the orders of a Collector on the application of refund of spoiled or unused stamps, before the Inspector General of Registration. Appeal against the orders of Registrar on the cancellation of Registration of a Society, refusal of registration or declaration of society as defunct may be made to the Inspector General of Registration.
Mutation Process:
After execution and registration of the document, the transferee can approach the appropriate authority to change the name in records by presenting an application along with the copy of registered documents.
In Chennai:
An application along with the copies of registered document may be presented to the name change in the records of Chennai Corporation, Water and Sewage Board and Electricity Board directly to the concern authorities. In Cantonment areas, the application should be submitted to the cantonment board.
In Tamil Nadu:
Depending on the place within which the property situate, the application along with copies of the registered documents to be presented to the concern authorities such as to the president if it is a Panchayat, to the Executitve Officer if it is a Town Panchayat, to the Commissioner if it is a Municipality, to change the name in their records.
Apart from the above an application should be submitted to concern Taluk office for the name transfer in the revenue records. |
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