Property Registration And Stamp Duty Processes In Mumbai

By Author: indiahomes marketing
Total Articles: 112
Comment this article

If you dream to buy a comfortable home in the capital city of Mumbai, then you may have to wait for the right time as the Mumbai property prices are touching new skies these days. Saddened? Do not be! Gladly, the state government has relaxed the other charges associated with property prices in the city. As compared to other major metros, Mumbai government has relaxed the computational process of stamp duty and registration charges.

Stamp Duty & Registration Charges

While buying a property, you have to bear for certain additional expenses such as stamp duty and registration as levied by the government of the state. In general, stamp duty is a tax liability which is levied by the state government for the overall cost of the property on its market value, whereas registration charges is an additional liability that meant for the records of the sale document.

Importantly, the stamp duty across the country is now 5 percent of the entire property cost which is calculated on the agreed value amount or the provided reckoner rates as provided by the state government. Also, it is important to keep ...
... in mind that the ready reckoner gets revised every year, thereby, putting an additional pressure on the home buyer. In Mumbai, the current stamp duty is 5 percent for both male and female home buyers. The registration value sums around 1 percent of the property value up to or less than Rs. 30,000. While computing the registration rates, factors such as location, property size, floor, amenities of the building, property valuation play a vital role. Many times, the government’s reckoner updates after the actual property valuation.

As a matter of fact, the stamp duty and registration in Mumbai is less than other major metros like Delhi. Also, the process of calculating stamp duty and registration charges is quite simple. Unlike Delhi where even circle rates are considered for calculating these rates and Bangalore where the apartment’s super built-up area plays a vital role in computing the additional property charges, Mumbai properties’ stamp duty and registration charges are based on either government reckoner or the total value of the property. In addition, for computing charges for plots in Bangalore properties, the area of the plot multiplied by the provided guidelines by the value decided for the city area is usually taken as a parameter for the final computation.

In awe of the increasing power of digitalization, Mumbai real estate has embraced e-registration very well. The city has introduced e-registration recently that eases your property buying process. So, if you are buying property in Mumbai, make your best effort to know the correct process to enjoy a tension-free property dealing.

Author Bio

Nitin Sabharwal is an enthusiastic marketing explorer who redefines prospective subjects for his works in digital advertising & marketing, e-commerce, and content development. With a commanding work experience of 16 years, Nitin’s participation in digital enabled services with a special emphasis on the Internet has earned him several respectable positions in India’s premier companies. Positioned as VP-Marketing of IndiaHomes, Nitin is maneuvering the company’s branding, Performance, CRM, Contact Centre, Event Marketing and Digital Marketing. Academically, he holds an MBA degree from IMT Ghaziabad. Mumbai property, Mumbai real estate, buying property in Mumbai