A real estate body on Saturday raised concerns over the Tamil Nadu government’s decision to levy 9 per cent apartment registration charges as it would have adverse consequences on potential homebuyers.
Following the hike, the registration revenue to the exchequer would decline, Confederation of Real Estate Developers’ Association of India (CREDAI), Chennai said.
“The decision to increase the flat registration fee with immediate effect will impact the government and homebuyers more than the developers. The hike will affect property buyers who have already purchased the flat but have not yet registered,” CREDAI Chennai President S Sivagurunathan said.
“Booking cancellations can happen as a result of this,” he cautioned and the move would also “impair” the government’s goal of providing a home for everyone by 2030.
“CREDAI Chennai requests the government to rethink its choice and reverse the increase in the cost of flat registration. The increased flat registration costs will directly impact the affordability of homes for potential buyers,” he said in a statement.
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First Published: Aug 05 2023 | 4:52 PM IST