Huge rush to register property
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With less than a week left for the new property guideline values to come into force, several sub-registrar offices in neighbouring Tiruvallur and Kancheepuram districts saw people rushing to register their properties on Wednesday .
The flood of registrations forced a sub registrar office in Kadambattur taluk near Tiruvallur to put up a notice saying it would not be able to issue encumbrance certificates on March 29 because of the additional workload.
“People thronged the registrar’s offices immediately after rahukalam on Wednesday anticipating a sharp rise in registration charges after April 1. We expect the trend to continue till Friday,” said a revenue official from Tiruvallur district.
Confirming the trend, Mr. N. Nandakumar, secretary, CREDAI, Chennai, said there was a 15 to 20 per cent rise in registrations , especially in the budget housing category. “The rush is mainly in the individual buyer segment as people want to beat the anticipated rise in registration cost, ” he said.
“Several people who have bought flats in Tambaram and Selayur were postponing registering them. But since February, the registrations have gained momentum,” said a realtor in Tambaram, D. Vijayakumar. Some builders have even agreed to do the registrations without receiving full payment to help their customers in the hope of collecting their dues by April, according to him.
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