Stamp duty and registration charges are crucial aspects to consider while investing in a property. Stamp duty is the tax incurred on the purchase of property and is levied by the respective state government being a state subject. They are the legal instruments that evidence the fact that the property was bought in your name with other important details, such as the property’s age, mortgage, encumbrances, etc. So, the rights and liabilities concerning the property fall on you once the stamp duty and registration are done.
It is further important to note that stamp duty rates vary from state to state. The stamp duty rates in Maharashtra are governed by the Maharashtra Stamp Act, 1958. So, stamp duty in Pune is regulated under this act and collected by the Government of Maharashtra. It is an additional cost that you must pay on buying real estate properties. Hence, reading and correctly interpreting the facts related to stamp duty and registration charges is important.
Property is an immovable asset. So, many local factors influence the stamp duty of a particular property. Given is the list of essential factors to keep in mind to understand the stamp duty rates.
Urban areas have high property value as compared to rural areas. The circle rates of the properties are different at different locations, so the stamp duty rates are influenced similarly.
The property’s age determines the rate of appreciation of the property and is closely linked to influencing the stamp duty rates. Older properties have a lower resale value, so the rate of stamp duty fluctuates accordingly.
There are many individuals, such as senior citizens who have special privileges in terms of property holding. They have to pay less stamp duty given the regulations as mandated by the local government. Thus, it exempts them from incurring any heavy costs.
There are many types of residential properties such as apartments, independent houses etc. If we take the example of apartments and independent houses, then the stamp duty on independent houses is usually higher than on apartments.
Commercial property will incur higher stamp duty than residential properties since the purpose is to earn profits from the business.
Here is a list of some documents that are needed to complete the process of stamp duty and registration of the property.
Stamp duty and registration charges in Pune are influenced by the official notifications by the Maharashtra Government. The current stamp duty in Pune is 6% i.e. roughly around Rs. 3 lacs. However, the new announcement has increased the stamp duty by 1%, i.e., Rs. 50,000 payable as metro cess from April 1. Stamp duty calculator Pune can be used to get a rough idea of how much you need to pay the government.
There is an expectation of price surge in the real estate market this year, which will render property prices at an all-time high. Since, stamp duty is an additional charge levied by the government so you must book the properties before the stamp duty rates rises. This can be done by keeping an eye on the circulars and announcements by the urban development and housing department of the respective state. Moreover, the research and speculations by real estate think tanks also give an insight into the rise or fall in stamp duty. This will help you cut down on spending extra charges on the property as stamp duty.
Low stamp duty offers help you in reducing the additional property cost. Rise in stamp duty incurs additional cost that can have an impact on your financial and budgetary planning.
Real estate developers in Pune like Pharande Spaces have low stamp duty offers across all its Pune projects. So, if you are interested in getting properties that have the lowest stamp duty then there are many new residential projects in Pune by Pharande Spaces with the best homebuying deals.
Visit these links to all our projects with stamp duty offers.