Stamp Duty and Registration Charges in Pune, Maharashtra!
Pune ranks in top 10 livable cities in India with quality air, infrastructure and environment. If this has tempted you to consider buying a home in the lush green city of Pune, it is not enough to just go with the property rates. Stamp duty and registration rates of the Pune city play an important role in determining your overall investment cost as they form the crucial element of the state’s revenue.
A home buying activity is incomplete till the property is registered under the name of the buyer. Registration protects and safeguards the owners’ interests in case of frauds. In Pune, the stamp duty is 5% and to encourage women buyers, the state government has announced a 1% rebate in stamp duty if a property is transferred under a woman’s name. All women in Pune will have to pay only 4% as stamp duty if buying a home. However, this benefit is not applicable for joint owners where men are part of the owners. For men buyers, the stamp duty is 5%.
Stamp Duty And Registration Charges In Pune
|Gender||Stamp Duty rates||Registration charges|
|Male||6% (Stamp duty 5% + Local Body Tax (LBT) 1%)||For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value.|
|Female||5% (Stamp duty 4% + Local Body Tax (LBT) 1%)||For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value.|
|Joint owners (female+male)||6% (Stamp duty 5% + Local Body Tax (LBT) 1%)||For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value.|
|Joint owners (male+male)||6% (Stamp duty 5% + Local Body Tax (LBT) 1%)|
|Joint owners (female+female)||5% (Stamp duty 4% + Local Body Tax (LBT) 1%)|
How Are Stamp Duty Charges Calculated?
Stamp Duty is determined based on the prevailing circle rate of the area where the property is located which is usually called the ready reckoner rate. Multiply the ready reckoner rate with the property area and you will get the property value. Now if the developer sets the price lesser than the government’s rates, the property value will be calculated based on the ready reckoner rate.
Stamp Duty Charges in Pune – Mode of Payments
There are multiple ways to make the payment of stamp duty charges.
1. Non-Judicial Stamp Paper:
This is the least popular mode of payment. It is a bit time consuming and due to the pandemic, there are more hassles if you take this mode of payment. A buyer has to obtain physical stamp paper from a licensed vendor and get the executed instrument printed on it. This is a viable mode for resale flats in Pune, but not advisable for larger denominations.
2. Franking A Document
If the applicant is applying with an authorised franking agency or a bank to pay the stamp duty charges, this mode can apply. However, the maximum stamp duty is allotted at Rs. 5000 / document.
3. Electronic Secured Bank Treasury Receipt (e-SBTR)
The Government has introduced an online payment gateway called Electronic Secured Bank Treasury Receipt (e-SBTR) to make the payment process easier. The applicant has to fill “input form” at the bank branch office that proves e-SBTR facility and pay the required amount. Once the payment is done, the authorities will register the details under Government Visual Treasury to create a pre-printed e-SBTR as a payment proof.
4. Government Receipt Accounting System (GRAS)
This is an online method that the government has via an electronic payment system GRAS that allows a buyer to pay stamp duty in Pune through an e-challan. This e-challan is accepted at the sub-registrar’s offices but there is a limitation that this can be made only for compulsory registrable documents (as under Section 17 of Registration Act, 1908). This is the most preferred payment mode for buyers who have applied for a home loan on their property.
Factors Affecting Stamp Duty Charges
In the due course, there are several factors that affect the stamp duty charges and it is pertinent to take them into consideration. Elements like location, property time and so on affect the charges.
1. Property Type: Properties can be commercial or residential. If it is a commercial one, the plot charges, registration fees and flat registration charges are higher when compared to the residential ones.
2. Property Location: This plays a crucial role as location determines major portion of the property value. If in Pune, the property is in semi-urban or rural boundaries, the cost will be much lower than the ones in the heart of the city.
3. Market Value: The tax on property value is highly determined through the market value. The stamp duty and registration fees are calculated based on this factor.
4. Age and Gender of the Owner: The government provides concessions to women buyers and senior citizens to boost their investments and ensure they become independent owners.
How to Pay Stamp Duty and Registration Charges Online?
The charges can be made online through the mode of GRAS (Government Receipt Accounting System). This makes the payment hassle-free and below are the details to pay the charges online:
Step 1: Go to the official portal of Maharashtra Stamp Duty Online Payment by visiting https://gras.mahakosh.gov.in/echallan/
Step 2: Register in the portal
Step 3: If you dont wish to register for doing the payment, you can do so by selecting ‘Pay without Registration’, click on ‘select citizen’ option and opt for the kind of registration you wish to make.
Step 4: Choose the ‘Pay to register your document’ option. Here, you can pay the stamp duty charge or just the registration charges of the property or both.
Step 5: After choosing the desired type of payment, fill in details like property information, district, party details, sub-registrar office, and property value details. The final step is to make the payment and generate a challan.
Documents Required for Property Registration in Pune
In middle of all the formalities and paperwork it is quite easy to miss out of some documents or forget to produce them. Hence, below is a checklist to keep handy.
Here is the list of the documents required for property registration in Pune:
- 2-3passport size photographs
- Two photocopies and the original deed document
- Identity proof like Passport, Pan Card, Driving License, Voter ID Card, etc. (of both the buyer and the seller).
- Evidence of payment of Stamp Duty on property such as challan.
- Particulars of the payment and the transaction proof
- Certificate of taxes and receipt of the taxes paid.
Online Stamp Duty Calculator
Calculating an estimate stamp duty charge will give clarity for further planning of finances. It differs state to state and is required for the verification and legalization of ownership of the property. By visiting an online stamp duty calculator here, you can be an informed buyer who gets an estimate of the stamp duty and has a hassle-free planning process.
Get End-To-End Assistance In Your Property Purchase
While the entire process can become overwhelming, often confusing, it is best to turn to best real estate consultant who make the realty affair smoother. Having decades of expertise into the sector and understanding its nuances, consultants give end-to-end assistance. Take for instance Sole Realty Consultants. They give a 360-degree approach to selecting both commercial and residential properties and guide buyers from the starting formality to the end phase. For more details about their expertise and services, check here.