Mumbai is a city of dreams, and owning a property in this dreamland is a dream of many. You can buy your home with the help of a Real Estate Agent in Mumbai. Considering the COVID-19 hit, the Maharashtra government has reduced stamp duty on properties from 5% to 2% until December 31, 2020. After December 2020, the government will imply a 3% stamp duty on residential properties until March 31, 2021.
You must know that Stamp duty rates and property registration charges are not the straight-forwarded charges. There are different criteria across different States. On a specific term, in Mumbai, stamp duty is applicable under the Maharashtra Stamp Duty Act. Let’s understand what all it takes to mark the current stamp duty and registration charges in Mumbai.
Stamp duty rate in Mumbai
The stamp duty rate is calculated on the basis of the higher value between the Ready Reckoner rate and the value of property prescribed in the buyer-seller agreement. In Maharashtra, the stamp duty on the property is dependent on different categories within the municipal corporation limits, municipal council, and gram panchayat, and another one percent is charged as registration fee.
Stamp duty is a property tax, that gets paid by home buyers while buying a property. The Maharashtra Stamp Duty Act, 1958 is applicable across the entire State of Maharashtra. The stamp duty charges are payable at rates, which are based upon different parameters consisting of the market value of the property, area of the property, or various other criteria.
Finding it difficult to pay the stamp duty and registration process? Don’t worry; you should get in touch Manish Ved Estate– the best Real Estate Agent in Borivali West. And let the process of government processes to be taken care of by them, so you can enjoy your time in your new home.
Also, if you want to get a house on rent in Borivali west, Manish Ved Estate gives you multiple options to choose from. Give us a call today!