There are various types of payments that need to be made when you purchase a new house or an apartment in India. One of these charges is Stamp Duty and Registration Charges. Today we will look at these charges, what they mean and what are the current charges in the Virar area.
Investment Opportunities in Virar
With an uptick in investments made in Maharashtra, Virar to has seen a significant rise in the number of properties purchased in the past few years. With rapid urbanisation and the provision of the best facilities in the Vasai-Virar area through development and modernisation, Virar today seems to be a hotspot for the best residential projects in the years to come. You should consider the Stamp Duty and Registration charges in Virar to have an overview of the total cost of an investment in Virar.
What are Stamp Duty and Registration Charges?
These charges are additionally levied on property buyers apart from the property cost. It is one of the most important changes to keep in mind while buying a property. Stamp duty is a type of tax levied on any documented transaction. These charges are levied for acquiring any document that facilitates the creation, transfer, limiting, extending, extinguishing, or recording of any right or liability.
Registration charges are for the service of recording documents in government records. The government usually maintains a record or registry of documents in return for a fee. There are different stamp duty and registration rates for different states, localities and property types.
Factors like the age of the property, owner age and gender, purpose, location and amenities also might play a part in the rise and fall of these rates. They usually range from 4–8% depending on the mentioned factors.
What are the Stamp Duty and Registration Charges in Virar?
Following are the stamp duty and registration charges for Virar as per the updated rates by the Government of Maharashtra. Following the 1st April 2022 announcement, an additional percentage will be charged as metro cess on property charges. The rates in Palghar also apply in the Virar area.
Palghar
Stamp Duty Rate (Male): 6% (5% Stamp Duty + 1% Metro cess)
Stamp Duty (Female): 5% (4% Stamp Duty + 1% Metro cess) (Condition: Property cannot be sold before 15 years of purchase.)
Registration: For properties above Rs.30 Lakh, Rs.30,000. For properties below Rs.30 Lakh, 1% of the property value.
These rates are essential to know the approximate costs of investing in housing in the Virar. These rates are approximate as provided by 99acres.com.
These rates will also help you to understand the total expense you will have to incur while buying spacious houses that are affordable and plush in Joyville Virar with 1 and 2 BHK flats in Virar West starting at just Rs.41.99 Lakh*.
Originally published at http://realestateandepc.wordpress.com on February 9, 2023.
