Planning your home buying budget
Purchasing a property is a critical decision that can significantly impact your finances for years to come. Therefore, it is crucial to finalise the purchase by creating a proper sale deed and registering it at the sub-registrar's office. The transfer of ownership is deemed legal only when the property's sale deed has been registered and the registration charges and stamp duty have been paid. It is, therefore, important to budget for the stamp duty and registration charges when you buy real estate.
Most home loans or housing finance products do not cover the stamp duty charges, and you will need to provision for this expense through your income or savings. The state government declares the stamp duty rates for the following fiscal year on 31 January each year.
Why is it necessary to pay stamp duty?
Stamp duty came to be imposed on transactions, gifts, and conveyance agreement deeds in the late 19th century. The Maharashtra Stamp Act of 1958 consolidated the previous laws and clarified the rates and penalty clauses. The rates are amended each year. Paying the stamp duty helps raise funds for the state government mechanism to maintain records of property sales and transfer of ownership.
Stamp duty and registration charges in Pune
To register a sale agreement, you need to visit the sub-registrar's office. Once there, you must collect a registration form and fill in all the required details, such as the property, buyer, and seller information. You will then need to submit the form and all the necessary supporting documents for verification. Once the form is verified, you will need to pay the registration charges and stamp duty online. After this, you will need to visit the sub-registrar's office again with the challan for the execution of the deed. Within a month, you will receive the property registration number.
Here are the stamp duty and registration charges in Pune effective from 1 April 2022 –
It is important to note that the property value refers to the ready reckoner rate (fixed by the government) or the transaction value, whichever is higher.
Online payment of registration charges and stamp duty
Here is how you can pay your property registration fee and stamp duty online.
Conclusion
Buying a home is a joyous experience. It is also a major financial asset that you invest in. Learn more about the registration and stamp duty payment processes to secure your investment.
Vastu is an ancient Indian system of architecture and design that aims to create harmony between humans and nature by balancing the five elements - earth, water, fire, air and space.
In the real estate dynamic, picking between a 2 BHK and a 3 BHK home is similar to organising an ensemble of ventures. Every choice presents its own unique advantages and disadvantages thereby making the choice between them a confusing task. To make your task easier, we have curated this detailed blog to help you choose between 2 BHK to 3 BHK as per your requirements. So, without further ado, let’s dive straight into the blog.
Finding your dream home in Dahisar, Mumbai is nothing short of an odyssey. The dynamics of real estate changes as the city continues to develop. In this detailed guide, we uncover the complexities of property in Dahisar revealing information about current rates trends and what prospective homebuyers should not ignore.