Stamp duty and registration charges in Mumbai, Maharashtra

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Stamp duty and registration charges in Mumbai, Maharashtra

 

Stamp duty rates and property registration charges depend upon several criteria across different States. In Mumbai, stamp duty is levied under the Maharashtra Stamp Duty Act. 91acres.com and propertyalways.com shares the current stamp duty and registration charges in Mumbai.

To boost the real estate market hit by COVID-19, the Maharashtra government has reduced stamp duty on properties from five percent to two percent until December 31, 2020. Post-December 2020, the government will levy three percent stamp duty on residential properties until March 31, 2021. 

Earlier, the State government had cut stamp duty charges on properties for the next two years in the areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and municipal corporations of Pune, Pimpri-Chinchwad and Nagpur. 

 

Stamp duty and registration charges in Maharashtra

Cities

Stamp Duty rates till Dec 31, 2020

Stamp Duty rates (from Jan to Mar 2021)

Registration Charges

Mumbai

2%

3%

For properties above Rs 30 lakh – Rs 30,000.

For properties below Rs 30 lakh – 1% of the property value. 

Pune

3% (Stamp duty 2% + Local Body Tax (LBT) 1%)

4% (Stamp duty 3% + 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. 

Thane

3% (Stamp duty 2% + Local Body Tax (LBT) 1%)

4% (Stamp duty 3% + 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.

Navi Mumbai

3% (Stamp duty 2% + Local Body Tax (LBT) 1%)

4% (Stamp duty 3% + 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.

Pimpri Chinchwad

3% (Stamp duty 2% + Local Body Tax (LBT) 1%)

4% (Stamp duty 3% + 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.

Nagpur

3% (Stamp duty 2% + Local Body Tax (LBT) 1%)

4% (Stamp duty 3% + 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.

 

Stamp Duty and Registration Charges in Pune

Stamp Duty and Registration Charges in Thane

 

How is the stamp duty rate calculated in Mumbai?

Stamp duty rates are usually calculated on the higher value between the Ready Reckoner rate and the value of property prescribed in the buyer-seller agreement. Stamp duty charges in India vary from State to State. In Maharashtra, the stamp duty on the property varies within the State if the real estate property falls within the municipal corporation limits, municipal council, and gram panchayat, while one percent is charged as registration fee.

What is the stamp duty rate in Mumbai?

Within the Municipal limits of any urban area – 2 percent of the market value of property December 31, 2020 and 3 percent (from January 2021 to March 2021)

Stamp duty and registration charges in Mumbai

Areas in Mumbai

Stamp Duty rates in Mumbai until Dec 31, 2020

Stamp Duty rates in Mumbai (from Jan to Mar 2021)

Registration charges in Mumbai

Within the municipal limits of any urban area

2% of the market value of property

3% of the market value of property

1%

 Disclaimer: The above rates are derived from the official website. Last updated on August 27, 2020 

Basically, stamp duty is a type of property tax paid by home buyers while purchasing a property. Like other States in India, Maharashtra, too, levies stamp duty and registration fees on all types of properties including freehold or leasehold, land (agricultural and non-agricultural), independent houses or flats, and residential flats or commercial properties. The Maharashtra Stamp Duty Act, 1958 applies across the entire State of Maharashtra. The Act levies stamp duty on real estate properties at the rate fixed by the State government.

  • Stamp duty charges are payable at rates based upon several parameters including the market value of the property, area of the property, or various other criteria.
  • Since a commercial unit includes many amenities, floor space, and security features, the stamp duty on a commercial property is slightly higher as compared to a residential property.
  • Stamp duty on land purchase is based on the locality and jurisdiction. If your land parcel falls within a municipal locality or an urban area, you need to shell higher stamp duty land tax. Likewise, if the land is located in Panchayat limits, the buyer will have to pay less as compared to the urban region.

How to pay stamp duty online in Mumbai?

 

To simplify the process of property registration, several State governments have launched e-payment of stamp duty. E-stamp registration facility would help home buyers to pay the stamp duty, registration fee or any other charges online with a few clicks. The online stamp duty payment procedure is time-efficient, transparent and simple. Home buyers will need to follow some easy steps to pay stamp duty on the purchase of a property.

  • Home buyers can log on to the Maharashtra stamp and registration department website – CLICK HERE.
  • After landing on this page, payers would need to fill up certain information regarding the property and its area.
  • Once all the required details are filled-up, you need to choose the payment gateway. The website has been linked with all major nationalised banks.
  • Choose your bank and make the payment.