Press Meet on the Implications Of increased Registration Charges for Home Buyers In Tamil Nadu

On 18/7/2023, a joint press meet of various Associations was organized by CREDAI in which BAI-Southern Centre, Chennai Flat Promoters Association, Flat Promoters Association - Chennai South, Singara Chennai Builders Association, Chennai Southern Builders Association and Flat Promoters Association, Ambattur & Avadi have jointly come together and listed a set of appeal to the Government on the sudden increase of stamp duty and Registration Charges effective from 10th July 2023 which created significant financial hardships for home buyers forcing them to pay additional charges.

Mr. A.N. Balaji, Chairman, Builders’ Association of India, Southern Centre said that redevelopment projects with multiple units will also be severely affected by this increase. The cost of registering the powers of attorney will increase significantly, leading to higher selling prices for buildings and putting additional financial pressure on home buyers, especially those from the middle-class and lower middle-class segments.