Did you know that when you buy a house, you'll have to pay stamp duty, registration fees, taxes, and surcharges?
Yes, the overall cost of the charges might be as much as 7% to 10% of the property's total market value, if not more. Stamp duty ranges from 5% to 7% of the total market value of the property in most Indian states, while registration fees range from 1% to 2%.
In this article, we will discuss the stamp duty, property registration, the fee and charges in India associated with them, and other important aspects in detail.
Given below are the stamp duty and registration charges in different cities across India:
Location | Stamp Duty Charges | Property Registration Charges |
---|---|---|
Bangalore | 2% to 5% | 1% of the property market value |
Delhi | 4% to 6% | 1% of the deal market value |
Mumbai | 3% | 1% of the property market value |
Chennai | 7% | 1% of the property market value |
Kolkata | 5% to 7% | 1.1% of the total property market value |
Advances can be segregated into the following types:
A number of factors influence the amount of stamp duty you may have to pay. Stamp duty is determined as follows:
There are three options for paying stamp duty. They are as follows:
It's important to understand that not all states will have all three techniques. If all three options are available, you can select the one that best meets your needs.
After paying the stamp duty, the document must be registered with a sub-registrar under the Indian Registration Act. If the transaction involves the purchase of the real estate, the registrar should be from the jurisdiction where the property is located.
The registration charge is paid in addition to the stamp duty. This cost differs from one state to the next. In Karnataka, for example, the registration cost is set at 1% of the transaction's value.
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It's worth noting that unless your name appears in government records as the owner of a specific property, proving ownership may be difficult. As a result, property registration is a requirement for the buyer.
Furthermore, because unregistered properties have no legal standing, the owner risks losing the property even if he is in possession of it. The owner would not be entitled to seek compensation if the government were to buy this property at any point in the future to undertake an infrastructure project.
When a property buyer acquires a piece of land or immovable property, he or she must register it with the appropriate authority.
When a property is registered, it implies that the property buyer whose name is on the title is the legal owner of the property and is accountable for it in all ways. A person can obtain the rights to the property on the day of the deed's execution by registering a Sale deed.
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This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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