Stamp Duty and Registration Charges in Mumbai

Stamp Duty and Registration Charges in Mumbai, Maharashtra!

What is Stamp Duty & Registration Charges?

At the point when you are taking a loan to purchase your home, there are a end number of costs that accompanies it. Stamp duty and registration charges are one the other obligatory costs that should be paid while purchasing a property.

The most premise motivation behind a stamp duty is to fund-raise for the public authority, and must be settled in full and before the given cutoff time. Without stamp duty you won’t be viewed as a lawful proprietor of your property.

Registration charges are generally 1% of the property’s market worth and Stamp duty charges are typically 5-6% of the property’s fairly estimated worth.

What is the Current Stamp Duty and Registration Charges in Mumbai?

Stamp duty rates and registration charges in Mumbai is required under the Maharashtra Stamp Duty Act. The Maharashtra government has reestablished stamp duty rates for property registrations at five percent in Mumbai. In March 2021 the public authority reported 1% reimbursement in stamp duty assuming a property is moved uniquely in a lady’s name. All female property purchasers in Mumbai should pay 4 % as stamp duty. This reimbursement isn’t material to joint proprietors between male and female.

GenderStamp Duty ratesRegistration Charges
Men 5%For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value. 
Women 4% 
Joint (Male + Female) 5% 
Joint (Male + Male) 5% 
Joint (Female + Female) 5% 

How Are Stamp Duty Charges Calculated?

Stamp duty charges in India change from each state. In Maharashtra, the stamp duty on the property differs assuming that the land property falls under the civil enterprise limits, metropolitan board, and gram panchayat.

Ordinarily, individuals who purchase properties pay a fixed stamp duty rate in Pune on property estimation.

Assume a potential purchaser purchases a house in Koregaon Park that has a floor covering area of 300 sq. meters. The current circle pace of Koregaon Park is Rs.42760/sq. meter.

In this way, property’s estimation would be – 300 x 42,760 = Rs.1,28,28,000

In this way, assuming that stamp duty charges in Pune are 5% of the property, as per the estimation, the land owner would pay Rs.64,1400 as stamp duty charges. Given the property valuation is over Rs.30 lakh, the individual will likewise pay flat’s registration charges in Pune of Rs.30,000.

Stamp Duty Charges in Mumbai – Mode of Payments

Stamp Duty rates in Mumbai for men are 5% of the market worth of property and 4% of the market worth of property for females. There are different ways and methods of installments for stamp duty in Mumbai.

1. Non-legal Stamp Paper

The most conventional method of installment. It is tedious and is loaded with glitches (particularly thinking about the pandemic circumstance). On the off chance that this is the purchaser’s most favored approach to deciding to pay, the purchaser needs to get actual stamp paper from an authorized seller and get the instrument imprinted on the stamp paper. For resale houses, it is a doable choice yet not when the stamp duty is of a bigger worth.

2. Franking a Document

This installment strategy relies upon the purchaser applying with an approved franking organization or a bank to pay the stamp obligation (alongside the stamp).

3. Electronic Secured Bank Treasury Receipt (e-SBTR)

To smooth out the course of property registration, different specialists have sent off e-installment for stamp duty. E-stamp registration office assists numerous purchasers with paying online in only a couple of clicks.

4. Government Receipt Accounting System (GRAS)

In the event that the purchaser likes to do the total interaction online, the public authority has an electronic installment framework GRAS that empowers the purchaser to pay stamp duty through an e-challan that is acknowledged at the sub-registrar’s workplaces. This strategy is the most favored installment mode for purchasers who have availed a home loan on the property.

Factors Affecting Stamp Duty Charges in Mumbai

In metropolitan cities like Mumbai the property rates and residential spaces are sky high. Stamp duty has to be paid upfront in full before the given deadline and the charges are nearly 5-6% of market value. In such cases the prices of stamp duty while buying a house in Mumbai seem significantly high and not feasible.

There are some factors that affect the stamp duty charges, especially in a city like Mumbai –

  1. Age Factor – if the owner of the registered property belongs to a senior citizen category, then the stamp duty charges get discounted dur to the age factor. However, this rule is not applicable in every state.
  2. Property Location – if the property you buy belongs inside the municipal limits, the charges are lesser compared to properties falling outside the municipal areas. If you as a buyer are planning to invest in a property, be it in a city, rural, suburb, metropolitan, some amount of the stamp duty charges will have an impact on the value.  
  3. Gender – the men pay 5% and the women in Maharashtra pay 4% stamp duty charges.
  4. Property Type – depending on the type of property like flat, land, plot, villa etc. a buyer buys, stamp duty charges vary.
  5. Commercial or residential – commercial property usage is always on the higher side when stamp duty charges are concerned.

Checklist for the Documents Required for Property Registration in Mumbai

Every property buyer must have a basic understanding of the process and documentations required. There are certain documents that are needed to ensure a smooth process of registrations while purchasing any property. Here is a list of the documents –

  1. Any identity proof document like Pan Card, Passport, Driving License,
  2. Deed document original copy along with two xerox copies that need to be submitted to the Sub-Registrar of Assurances.
  3. Proof of payment of the stamp duty (challan)
  4. Payment details of the transaction
  5. Khata certificate and receipt of taxes paid (legal document used for computing and filing property)

Get End-To-End Assistance In Your Property Purchase

If you are new to buying property of any kind, be it residential or commercial, it can be a tricky process. This is exactly why Sole Realty is here with professionals to help you out with buying your property. Our professionals have great experience and can make your tedious task smooth and easy without any hassle. Our expert will take you through the process and be with you on every step through the registrations and stamp duty processes.

If you wish to consult our team, reach out to us today and we will get in touch with you.  


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