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Stamp Duty & Property Registration Charges in Maharashtra
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Stamp duty is a tax that all state governments, including Maharashtra, levy on the transfer of a property where the asset’s ownership moves from the seller to the buyer’s name. As the State government charges this fee, the stamp duty applicable on a property varies from one State to another. The tax you must pay is a set percentage of the registered property’s value, but it also depends on some other factors.
On paying the stamp duty, you get the documents stamped, thus, making them legally valid and approved by the authorities. Apart from this, you must also pay the property registration charges in Maharashtra, over and above the stamp duty, to have the real estate registered in your name.
How Is Stamp Duty In Maharashtra Calculated?
Stamp duty charges can vary based on numerous aspects such as the location of the property, age and gender of the buyer, type of the property, its usage, etc. But usually, the tax depends on the ready reckoner rates and the market price of your property.
Here, the ready reckoner rate, also known as circle rate, is the standard price that the State government sets for accurate valuation of real estate. So, the rate that is highest between the ready reckoner rate and the market value of the property will be considered as the stamp duty. Find out the stamp duty charges in Maharashtra for several cities below:
Read More:How You Calculate Stamp Duty Charges Using Kotak Bank's Online Stamp Duty Calculator
Cities
Stamp Duty Charges
Registration Charges
Mumbai
5%
1%
Thane
6% (including 1% Local Body Tax)
1%
Navi Mumbai
6% (including 1% Local Body Tax)
1%
Pune
6% (including 1% Local Body Tax)
1%
Nagpur
6% (including 1% Local Body Tax)
1%
Pimpri-Chinchwad
6% (including 1% Local Body Tax)
1%
However, one thing you must remember is that women buyers can avail a lower stamp duty rate of 4% in Maharashtra.
How to Pay Stamp Duty in Maharashtra?
There are three methods of paying stamp duty charges in Maharashtra - paper-based method, online mode and franking. For the paper-based method, you need to purchase non-judicial stamp papers from an authorised seller. Paying stamp duty through franking can be completed by visiting a franking centre or a bank. To complete the payment of stamp duty in Maharashtra from the comfort of your home, you can follow the below-mentioned steps:
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