Buying a residential property is a joyful occasion. It is, however, important to remember that your property is also a significant financial investment and must be registered under the Indian Stamp Act for the sale to be considered valid. Here is a handy guide to registering your property in Thane.
For effective administration, Thane district has been divided into seven Talukas or sub-districts - Thane, Kalyan, Murabd, Ulhasnagar, Ambarnath, Bhiwandi, and Shahapur. There are five main municipal corporations- Mira Bhayandar, Ulhasnagar, New Mumbai, Thane, and Kalyan Dombivali. You will need to look for the sub-registrar office, which has jurisdiction over the location of your property. Offline registration of a property in Thane and payment of stamp duty and registration fee can be done at these offices. For the convenience of home buyers, the Maharashtra government also offers online registration and stamp duty payment services.
The registration of property in Thane is only considered legally valid if you pay the stamp duty and registration charges.
For Thane District, if the value of the property is below INR 30 lakhs, the registration charge is 1% of the property value. For properties over INR 30 lakh, the registration charge is INR 30,000.
A stamp duty equal to 5% of the property value, local body tax of 1% and metro cess of 1% is charged in addition to this if the owner is a man. For women who buy property in Thane, the stamp duty is 4%, while the local body tax and metro cess remain the same.
Let us understand this with an example.
If you are a man and have purchased a flat in Thane worth INR 60 lakhs, then the total stamp duty and registration charges will be as follows -
The total amount payable by you for registration and stamp duty is INR 4,50,000.
Visit the sub-registrar's office with the e-challan and property documents to get the registration deed executed. This may take 40-45 days from the time of payment.
The focus on e-governance in Maharashtra has made it convenient for property buyers to register and pay the fees online. Here are some tips to make the process go smoothly –
It is worth noting that the government of Maharashtra provides a rebate or waiver of stamp duty on certain occasions. Currently, stamp duty is not being charged on the registration of resold properties. To take advantage of such benefits, it is crucial to remain informed about the latest rules and regulations.
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