Introduction
Earlier, Chandigarh, a small town near Mohali, had seen infrastructural development over the years. As a result, it is now one of the ideal destinations to invest in real estate. If you’re ever looking to invest in the city, here’s what you need to know about stamp duty and registration charges applicable in Mohali.
Table of content
- Introduction
- Current Stamp Duty Rates in Mohali
- How to reduce stamp duty charges
- Stamp Duty and Registration Charges in Mohali
- Conclusion
Mohali | To generate revenue, state governments levy a certain amount as stamp duty on the sale or purchase of property. Based on various parameters, charges differ from state to state. Generally, stamp duty charges are between four percent and eight percent of the transaction value across India.
The buyer has to pay stamp duty along with the registration charges while registering the property in his or her name. The registration charge is usually a percentage of the property’s market price or transaction value, whichever is higher.
Current Stamp Duty Rates in Mohali
The state government levies stamp duty charges to validate your registration agreement. A contract with a stamp duty-paid tag, if required, is considered a legal document proving your ownership of the property. Without it, the buyer cannot claim ownership rights to the property. At present, stamp duty in Mohali is levied at seven percent for men and five percent for women in urban areas.
| Stamp duty and registration charges in Mohali | ||
| Gender | Stamp Duty rates | Registration Charges |
| Male | 7 percent | 1 percent of consideration amount (Maximum up to Rs 2 lakh) |
| Female | 5 percent | 1 percent of consideration amount (Maximum up to Rs 2 lakh) |
| Joint (Male + Female) | 6 percent | 1 percent of consideration amount (Maximum up to Rs 2 lakh) |
| Joint (Male + Male) | 7 percent | 1 percent of consideration amount (Maximum up to Rs 2 lakh) |
| Joint (Female + Female) | 5 percent | 1 percent of consideration amount (Maximum up to Rs 2 lakh) |
How to Reduce Stamp Duty Charges
No, stamp duty and registration charges are not included in the home loan amount sanctioned by banks or other financial lenders. These are to be borne by the homebuyers at their own cost. so compulsory to pay that stamp duty.
Stamp Duty and Registration Charges in Mohali
- Physical Stamp Paper: This is the most common way to pay stamp duty in India. Buyers can purchase stamp paper from any authorized vendor for this purpose. However, the value of the papers should be equal to the amount of stamp duty applicable.
- Franking: For this, you need an authorized franking agent. Many banks offer similar services to their customers. In this method, transaction details are printed on paper and submitted to the bank along with stamp duty charges. The bank then stamps the agreement using a franking machine.
- E-Stamping: E-Stamping is the easiest method to pay your stamp duty charges. You can pay the charges online by visiting the SHCL (Stock Holding Corporation of India) website. Simply select the state, fill out the application form, and submit the details. The important thing to note here is that e-stamping facilities are available only in a limited number of states.
Conclusion
As we conclude your visit to Openplot we want to express our gratitude for entrusting us with your real estate aspirations. Finding or selling a home is an important milestone, as stamp duty is paid to buy or sell the property. And we are honored to be a part of you. Our commitment to excellence, personalized service, and cutting-edge technology ensures that your real estate experience is not just memorable but truly exceptional.
Also read: If you want a house in Bangalore visit our Sanjeevini Srushti Housing Project