CHENNAI: Commercial Taxes and Registration Department has issued a government order to implement the practice of registering UDS (Undivided Share) and built-up area of apartments as single sale deed, on December 1.
As per the new system, the combined value of stamp duty and transfer duty for the first sale of a flat/apartment with market value up to Rs 50 lakhs have been reduced from existing 7% to 4%. In case of flats/apartments ranging between Rs 50 lakhs to Rs 3 crore, the stamp duty and transfer duty have been reduced from 7% to 5%.
Under the new system, documents pertaining to an apartment should be registered as a single sale deed based on the composite value of the building, which would include the UDS and price of the flat.
The concession would be applicable only to the flat/apartment conveyed with proportionate undivided share of land and only for the first sale of flat/apartment and not applicable for resale. The buyers can assume direct ownership of the flat/apartment by registering sale deeds.