For generating revenue for local bodies and source funds for urban road infrastructure projects, the state government proposed a surcharge on stamp duty. Property transaction will get costlier in limits of Chennai Corporation, municipal and town panchayat.
A bill “The Tamil Nadu Duty on Transfers of Property (in Municipal Areas) Bill, 2009” was introduced by deputy chief minister M K Stalin in the Assembly. According to the bill, the surcharge would not exceed 5% of the stamp duty. The buyers on purchase of Rs 30 lakh apartment would get a surcharge that would work out to Rs 12,000.