Buying your dream home is a once in a lifetime event for millions. Families nourish aspirations for years before making the purchase and when such is the case, every penny matters. From the down payment to EMIs, there are way too many payment schedules involved, stamp duty is one of the costs attached to your home buying. Let’s look at what is stamp duty exactly to address it better.
Buying a property doesn’t imply that it belongs to the one who made the purchase. The property must be properly registered with the government to confirm possession legally. Hence, the government levies a compulsory tax on property as legal evidence that the property is owned by you, and that taxation is termed as ‘Stamp Duty’. The percentage of the stamp duty in Maharashtra is governed under Maharashtra Stamp Act, 1958, and is regulated by the government of Maharashtra.
It is the buyers' responsibility to pay the tax and register the home with the government to avoid legal complications in the future. Depending upon the value of a property, the Stamp Duty is imposed by the government.
Pune’s real estate is climbing the graphs. And so will be the stamp duty rates. The government of Maharashtra has decided to increase the stamp duty rate by 1% from 1st April 2022 making it reach 7% as compared to the current stamp duty rate of 6%. This is going to be significant as buying a property before 1st April can help you save lacs. This has already stimulated a wave of new registrations for various real estate properties across the city. Buyers are preponing their purchase plans to save money which can be useful for various home customizations.
There are various factors that influence stamp duty rates. Here are details to give you some insights.
Stamp duty registration requires some paperwork. Here’s the list of essentials that one must be ready for the registration:
There are multiple ways to pay the stamp duty on your new property purchase:
At Kohinoor, we understand how every penny matters and how important is your dream living aspiration. Kohinoor Group has a dedicated team to take care of everything related to the purchasing processes which also ensures that everything is detailed out to the buyers and every step of the process resonates with transparency. Here, the promise of togetherness doesn’t end with the purchase but begins. With our SSR team, the journey ahead just gets better and better ensuring utmost comfort for you and your family at Kohinoor. As the increase in stamp duty rates would cost you more, it is important to speed up your property buying process. Check out our residential projects in Pune to grab the best deals! For more info call us at +91-020-6764 183.