Stamp Duty and Registration Charges are one of the taxes the property buyers pay to the government while buying a property, flat, or apartment. Understanding the different charges according to the area, district, and state helps potential buyers understand the best investment opportunities.
Today we shall understand the specifics of Stamp Duty and Registration charges in Pune and comprehend the current rates in Pune.
Real Estate Opportunities in Pune
Pune is one of the fastest-growing residential hubs in the country. With growing infrastructure, renowned business presence, and culturally rich surroundings, Pune has emerged as one of the best choices for individuals and families. With the rapid development of areas like Hinjewadi, Bavdhan, and Hadapsar among others, Pune is proving to be the ideal location for investment and living. This article will help you understand the Stamp Duty and Registration charges in the Pune area which will help you plan your investments better.
What is Stamp Duty?
Stamp Duty is a tax levied by the government on property buyers, similar to Income Tax. Stamp Duty and Registration charges are paid when there is a transfer of ownership of a property. The payment of Stamp Duty on property documents confers them legally, and they can be ad as evidence in a court of law.
Who has to pay Stamp Duty?
In the case of the first sale from the developer, the purchaser pays the Stamp Duty. In the case of a resale or lease, the transferee or lessee has to pay it. With an exchange of property, both parties equally bear the charges.
How is the rate of Stamp Duty decided?
The rate of Stamp Duty differs from state to state. The gender of the purchaser/transferee/lessee also plays a part in the charges. Stamp Duty is charged based on the market value or agreement/registration value, whichever is higher.
What is Registration?
After the payment of the Stamp Duty, it is dated, signed by parties, and attested by witnesses wherever required. The document then needs to be registered under The Registration Act, of 1908. The registration process is done to make an official record in Government books. This also makes you the official property owner.
What are the Stamp Duty and Registration charges in Pune?
Maharashtra State government decides the Stamp Duty and Registration rates in Pune. It is a significant form of revenue for the government. The rates for the year 2022–23 are as follows:
Stamp Duty Rate (Male): 7% (5% Stamp Duty + 1% Local Body Tax + 1%Metro cess)
Stamp Duty (Female): 6% (4% Stamp Duty + 1% Local Body Tax + 1% Metro cess)
Registration: For properties above Rs.30 Lakh, Rs.30,000. For properties below Rs.30 Lakh, 1% of the property value.
These rates will help you understand the total amount required for property purchase in the Pune area. Shapoorji Pallonji’s Joyville in Hadapsar provides spacious 1, 2, and 3 BHK flats in Hadapsar with value for money starting at Rs.42.9 Lakh.
Originally published at http://realestateandepc.wordpress.com on February 9, 2023.
