Here’s a breakdown of recent changes in Tamil Nadu’s real estate law:
Tamil Nadu Apartment Ownership Act, 2022 (TNOA 2022):
Replaces the TNOA 1994: This new Act aims to address limitations of the previous legislation and better regulate apartment complexes.
Key Changes:
Single Association: Only one association can be formed for an entire project, ensuring better management and streamlined decision-making.
Redevelopment: The Act simplifies the process for redevelopment of older buildings if ⅔ of apartment owners agree or the building is deemed unsafe.
Dispute Resolution: The Act strengthens mechanisms for resolving disputes within apartment complexes.
Revised Property Registration System (December 1, 2023):
Streamlined Process: This change simplifies property registration for initial sale of apartments in multi-storied buildings.
Composite Value: The government now considers the combined value of land and building for registration purposes, potentially reducing registration fees for some properties.
Reduced Stamp Duty: Stamp duty has been reduced for properties with a composite value between ₹50 lakh and ₹3 crore, making them more affordable for some homebuyers.
Here are some resources for further information:
Tamil Nadu Apartment Ownership Act, 2022: Information might be available on the Tamil Nadu government’s official website or legal databases.
Revised Property Registration System: News articles or the Tamil Nadu government’s revenue department website might have details.
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