Recent Changes in Real Estate Law in TamilNadu.

Recent Changes in Real Estate Law in TamilNadu.

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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