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An Overview Of Stamp Duty And Registration Charges In 6 Real Estate Hotspots Of India
26 Aug 6 min Read Read by 5844
What is stamp duty? How to pay stamp duty? What are registration charges…these are some commonly faced questions by first-time homebuyers. Which is why, we at Mahindra Lifespaces want to answer them and make the home-buying process clearer for customers.
What are stamp duty and registration charges?
When a buyer purchases a property, it is compulsory for them to register it in their name at the registrar’s office. The document of registration certifies the buyer as the legal owner of the property and reduces the chances of fraud in the event of a dispute. During this process, the government charges a fee to the buyer. While registration charge is the cost levied to record property details, stamp duty is the tax imposed on the legal recognition of the documents of the property.
Stamp duty charges change from one state to another and add up to the price of a property. Which is why, it is important to get a clear idea of the fee before the purchase. The stamp duty and registration charges in 6 of India’s top real estate hotspots stand as below:
Registration charges and Stamp Duty in Maharashtra
(as of August 2020)
The government of Maharashtra has reduced stamp duty charges on properties for the next two years for areas that fall under the Mumbai Metropolitan Region Development Authority (MMRDA). Here are the new charges in effect from April 2020:
Agreement for Sale: Registration Charges & Stamp Duty in Mumbai
Stamp Duty: 3% of agreement value (Till 31st December 2020).
Registration Charges
– ₹30,000 – properties above ₹30 Lakh
– 1% of the property value – properties below ₹30 Lakh
Note- These charges are applicable on Mahindra Vicino, Mahindra Roots, Mahindra Happinest Palghar and Mahindra Happinest Boisar.
Agreement for Sale: Registration Charges & Stamp Duty in Kalyan
Stamp Duty: 3% of agreement value (Till 31st December 2020).
Registration Charges
– ₹30,000 – properties above ₹30 Lakh
– 1% of the property value – properties below ₹30 Lakh
Note- These charges are applicable on Mahindra Happinest Kalyan.
Agreement for Sale: Registration Charges & Stamp Duty in Pune and Pimpri-Chinchwad:
Stamp Duty: 6% of agreement value
Registration Charges
– ₹30,000 – properties above ₹30 Lakh
– 1% of the property value – properties below ₹30 Lakh
Note- These charges are applicable on Mahindra Antheia.
Agreement for Sale: Registration Charges & Stamp Duty in Nagpur:
Stamp Duty: 6% of agreement value
Registration Charges
– ₹30,000 – properties above ₹30 Lakh
– 1% of the property value – properties below ₹30 Lakh
Note- These charges are applicable on Mahindra Bloomdale.
Registration charges and Stamp Duty in Gurgaon
(As on 29-July-2020)
DOCUMENT TYPE : AGREEMENT TO SELL
Stamp Duty : Rs. 2,000/-
Registration Charges
| Transaction Value/Booking Amount | Registration Charges |
|---|---|
| Up to ₹50,000 | ₹105 |
| ₹50,001 – ₹1,00,000 | ₹505 |
| ₹1,00,001 – ₹5,00,000 | ₹1005 |
| ₹5,00,001 – ₹10,00,000 | ₹5,005 |
| ₹10,00,001 – ₹20,00,000 | ₹10,005 |
| ₹20,00,001 – ₹25,00,000 | ₹12,505 |
| ₹25,00,001 – ₹30,00,000 | ₹15,005 |
| ₹30,00,001- ₹40,00,000 | ₹20,005 |
| ₹40,00,001-₹50,00,000 | ₹25,005 |
| ₹50,00,001-₹60,00,000 | ₹30,005 |
| ₹60,00,001-₹70,00,000 | ₹35,005 |
| ₹70,00,001 – ₹80,00,000 | ₹40,005 |
| ₹80,00,001 – ₹90,00,000 | ₹45,005 |
| Above ₹90,00,000 | ₹50,005 |
DOCUMENT TYPE: CONVEYANCE DEED/SALE DEED
Stamp Duty
Stamp Duty
|
Jurisdiction |
Type Of Ownership |
||
|
Male |
Female |
Joint (Equal number of Male and Female Allottee) |
|
| Within municipal limits |
7% |
5% |
6% |
| Outside municipal limits |
5% |
3% |
4% |
Registration Charges
|
Transaction Value/Booking Amount |
Registration Charges |
|
Up to ₹50,000 |
₹105 |
|
₹50,001 – ₹1,00,000 |
₹505 |
|
₹1,00,001 – ₹5,00,000 |
₹1005 |
|
₹5,00,001 – ₹10,00,000 |
₹5,005 |
|
₹10,00,001 – ₹20,00,000 |
₹10,005 |
|
₹20,00,001 – ₹25,00,000 |
₹12,505 |
|
₹25,00,001 – ₹30,00,000 |
₹15,005 |
|
₹30,00,001- ₹40,00,000 |
₹20,005 |
|
₹40,00,001-₹50,00,000 |
₹25,005 |
|
₹50,00,001-₹60,00,000 |
₹30,005 |
|
₹60,00,001-₹70,00,000 |
₹35,005 |
|
₹70,00,001 – ₹80,00,000 |
₹40,005 |
|
₹80,00,001 – ₹90,00,000 |
₹45,005 |
|
Above ₹90,00,000 |
₹50,005 |
Note- These charges are applicable on Mahindra Luminare.
Sale Deed Registration charges and Stamp Duty in Bangalore
(as of August 2020)
The Government of Karnataka imposes the following charges on property transactions:
- Stamp Duty: 5.1% of Agreement Value
- Registration charges: 1% of Agreement value
- Cess: 0.5% of the Agreement Value
Note- These charges are applicable on Mahindra Windchimes.
Registration charges and Stamp Duty in Chennai
(as of August 2020)
The state of Tamil Nadu levies identical charges on property transactions in urban and rural areas. They are as follows:
Under Construction Property
| Description | Agreement To lease | Construction Agreement | Lease Deed |
|---|---|---|---|
| Stamp Duty | Rs. 20/- | 1% of the construction cost | 7% of land cost |
| Registration Charges | 1% of the land cost | 1% of the construction cost | 1% of the land cost |
Ready Possession Property
|
Description |
Sale Deed |
|
Stamp Duty |
7% of agreement value |
|
Registration Charges |
4% of agreement value |
Note- These charges are applicable on Mahindra Happinest Avadi.
Projects Under SEZ – Under Construction
|
Description |
Agreement To lease |
Lease Deed |
|
Charges applicable on |
Total Cost |
Total Cost |
|
Stamp Duty |
NA |
NA |
|
Registration Charges |
1% of the total cost + Rs.20,000/- |
1% of the total cost but not exceeding Rs.20800/- |
Project Under SEZ – Ready Possession
| Description | Lease Deed |
|---|---|
| Charges applicable on | Total Cost |
| Stamp Duty | NA |
| Registration Charges | 1% of the total cost but not exceeding Rs.20800/- |
Note- These charges are applicable on Mahindra Aqualily and Mahindra Lakewoods.
How long does the process take to complete?
Registration process takes 3-4 days subject to receipt of the stamp duty challan from the concerned authorities. Usually developers help the customer facilitate the process subject to statutory guidelines.
We hope that this gives homebuyers substantial clarity about the two important charges involved in property purchase. We are sure that there must be more questions that buyers face, which is why we at Mahindra Lifespaces are always at your service.
Image source: https://roofandfloor.thehindu.com/real-estate-blog/wp-content/uploads/sites/14/2019/01/Your-Guide-to-Stamp-Duty-Registration-Charges-840×480.jpg
Stamp Duty Registration Charges
Stamp Duty In Pune
Stamp Duty In Mumbai
Stamp Duty In Gurgaon
Stamp Duty In Chennai
