A very important aspect that any individual intending to buy a property in Pune has to be aware of is that there are the stamp duty and registration charges that are to be paid on the purchase of properties. These are set by the state government of Maharashtra and apply for both freehold as well as leasehold properties such as houses, commercial buildings, and agricultural lands. It is wise to know about these expenses before dealing in properties because both stamp duty and registration charges constitute a large part of the expenditure incurred on property purchase.
What Are Stamp Duty and Registration Charges?
The stamp duty is the amount that is paid to the government as a tax when buying properties while registration fees are the amount paid as a cost of putting the property in the name of the buyer. In the legal sense, it completes the transaction of buying and selling property when it is fully handwritten, detailed, signed and registered at the sub-registrar’s office.
Importance of Stamp Duty and Registration
This helps in safeguarding the ownership of the buyer and also protects the suitability of the transaction in case there are any disagreements in the future or in the event that somebody attempts to commit fraud.
How Much Are the Costs?
The upper range for the amount of stamp duty payable in Pune market in 2024 in most cases doesn’t exceed 5% to 7% of the property’s current valuation whereas the registration charge is 1% of the property value.
Overview of Factors Affecting Stamp Duty and Registration Charging
Stamp duty and registration fees can be different for owners based on certain factors deciding the final concern amount.
Type of Property
Charges on commercial units tend to be on the higher side as compared to spending on if one plans to buy residential units.
Property Location
The reason can be stated as, peripheral peth areas of urban or semiurban roughly surrounds the regions of urban Pune along with stamp duty charges.
Market Value
The applicable amount and fees and charges, tend to be computed on the type of building and its square footage.
Owner’s Profile
Especially Older women or women alone have some concession and dainty letter from NRTA further helps them in reducing the stamp duty cost.
Exemptions for Women Buyers
One of the allowances offered by the Maharashtra government is a 1% discount on the new stamp duty for ladies. Rather than a normal charge of 6% to women purchasing the property, only 5% would be due. Nonetheless, this 1% allowance is applicable only for residential units and completely dismisses the allowance for commercial and business units.
Stamp Duty and Registration Charges on Male Buyers
All retired men investing in a property in the city of Pune would have to pay 5% on stamp duty, a 1% metro cess and a 1% on LBT, this adds up based on the total market value of the property showing sig upto a total of 6%. I would also like to add that there is no stigma in paying the charges described above as they are standard rates set and based on several factors in one state.
Stamp Duty and Registration Fees on Resale Flats Noida
Every resale flat in Pune’s housing market comes with its share of stamp duty and registration fees. As of 2024, all buyers looking to buy a resale flat in Pune must now pay a purchase stamp duty of 5 percent, Local Body Tax at 1 percent, metro cess One percent, registration fee for matriarchal flat which is a one-off cost of up to 30,000 Rupees.
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