Chennai: New guidelines have been issued to obtain the document back without field inspection by submitting an undertaking to establish the higher value for the building if there is a building on the plot.
Details of the circular sent by the Inspector General of Registration in this regard: When registering a transfer of title document, including a sale deed, along with the plot, the building on the plot must also be registered, with details of the building on the plot specified, its value calculated, and attached to the document.
However, it has been found that applications are being submitted for registration without complete details in the form, and that this is causing a loss in the building valuation during field inspection.
Accordingly, it has been instructed that “the building details in the revised form must be attached with the document. The sub-registrars must ensure this.”
In line with this, the guidelines already issued regarding field inspection have been completely changed, and integrated instructions have been issued to simplify the field inspection.
Accordingly, in cases where the building’s constructed area is less than 2,500 square feet and the building value is less than Rs. 1 crore, as well as where the constructed area is more than 2,500 square feet and the building value is less than Rs. 1 crore, the document submitter’s affidavit stating that the stamp duty and registration fee shall be paid on whichever is higher, namely the self-certified building value or the square-foot value calculated on the basis of the Public Works Department schedule of rates, must be included.
If such an affidavit is furnished, the document may be returned without field inspection, after collecting the higher registration fee and stamp duty.
Similarly, if the building value is above Rs. 1 crore and below Rs. 5 crore, a report from a recognized building valuer must be attached.
The stamp duty applicable to whichever is higher—the value given by the building valuer or the square-foot value calculated on the basis of the Public Works Department’s guideline value table—may be collected, and the document may be returned without field inspection after obtaining an undertaking for payment of the registration fee.
If the value of the building in the document property exceeds Rs. 5 crore, the document may be returned without field inspection after collecting the stamp duty and registration fee applicable to whichever is higher among the value report of a recognized building valuer and the value based on the Public Works Department schedule of rates.
If the document submitter does not provide an undertaking, the document may be sent for field inspection by the Assistant Engineer, and the stamp duty and registration fee may be collected based on the valuation report before returning the document.
Apartment buildings
If the built-up area in an apartment building is less than 2,500 square feet, the self-certified building valuation or the valuation based on the Public Works Department’s schedule of rates, whichever is higher, may be collected and the document returned without field inspection.
If the built-up area is more than 2,500 square feet, the amount based on either the report of an approved building valuer or the Public Works Department’s schedule of rates, whichever is higher, may be collected, and the document may be returned without field inspection.
If it is an unfinished building, the field inspection procedure by the Assistant Engineer shall be changed, and whichever is higher among the self-certified building value or the building value issued by the government, the stamp duty for that amount may be collected and the document returned without field work.
If the document holders refuse to accept the maximum building value, if the building value is below Rs. 5 crore, the document should be sent to the Sub-Registrar, and if it is above Rs. 5 crore, to the Assistant Engineer, to determine the value of the building. It is stated so therein.