When a property changes hands, several documents need to be in place to ensure the property is entirely in the buyer’s name. Stamp duty, a tax payable on property purchase, is one such legal proof of ownership. Buyers also need to pay registration fee to complete purchase formalities. These additional charges impact the property’s cost and are not necessarily covered by a home loan. It is, thus, imperative you understand the applicable stamp duty and charges before beginning a purchase.
Pay home registration charges in Pune to complete the legal formalities once and for all.
Fundamentally, stamp duty is a tax that homebuyers pay at the time of property registration. It is a percentage of the property’s value that home buyers are liable to pay. The government collects stamp duty on property, and the payment is deemed compulsory under the Registration Act, 1908.
Notably, stamp duty in Pune is fixed by the state government of Maharashtra and is revised periodically to either increase or reduce demand. For instance, in recent years, the state government of Maharashtra lowered stamp duty from 5% to 2% till 31st December 2020 to boost the demand for real estate in Pune.
The stamp duty on property in Pune is based on the ready reckoner rate. Note that the stamp duty rate in Pune is also dependent on the type of homeowner.
The table below lists stamp duty and registration charges in Pune effective since 1st April 2021.
On 8th March 2021, the State government of Maharashtra declared a one per cent point concession for women homebuyers on registration and stamp duty charges in Pune.
Usually, homebuyers pay a fixed stamp duty rate in Pune on property value. The property’s current value is determined with the help of the prevailing circle rate or ready reckoner rate of the area where it is located. By simply multiplying ready reckoner rate with property area, one can easily find property value.
Note that if any time property seller sets the price lower than government’s rates, the current stamp duty in Pune would be computed as per the ready reckoner rate.
Suppose an Individual buys a house at Baner that has a carpet area of 300 sq. metres. The current circle rate of Baner is Rs.42760/sq. metre.
So, property’s value would be – 300 x 42,760 = Rs.1,28,28,000
Stamp duty charges in Pune are 5% of the property. As per calculation, the property owner would pay Rs.64,1400 as stamp duty. Given the property valuation is over Rs.30 lakh, the individual will also pay flat registration charges in Pune of Rs.30,000. Homebuyers can compute the stamp duty and home registry charges without going through any hassle by simply using an online stamp duty calculator.
One can easily pay stamp duty and registration charge in Pune online by visiting the official portal. However, note that parties involved in the transaction must visit the sub-registrar’s office to initiate and complete the biometric identification.
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Last update on 11-Mar-2021
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