Introduction
Known as the “Silicon Valley” of India, Bangalore is home to many multinational IT companies. It is one of the top houses in the country. However, buying a home in the city has become more expensive with the latest announcement of 0.5 per cent stamp duty on non-delivered properties. Openplot explains the newest stamp duty and registration charges in Bangalore.
Table of Contents
- What is Stamp Duty in Bangalore?
- What are Registration Charges in Bangalore?
- Stamp Duty and Registration Charges: How to Calculate?
- How to Pay Stamp Duty and Registration Charges Online in Bangalore
Stamp duty and registration charges in Bangalore different from those in other cities and states. Generally, stamp duty charges are between three percent to five percent of the property’s market value, and registration charges range between one percent to three percent.
The Karnataka government has passed an amendment to the Stamp Act of 1957, to reduce the rate of stamp duty on properties priced between Rs 21 lakh and Rs 45 lakh. All such properties attract a stamp duty of three per cent. But Rs. Stamp duty is 2% on properties below Rs 20 lakh. The discount is applicable on first-time property registration only.
What is Stamp Duty in Bangalore?
To buy a house in Bangalore you must pay the latest stamp duty. Stamp duty is a tax paid to the government to legally recognize property transactions. It is important to consider this cost while budgeting for your new home purchase in Bangalore. Stamp duty rates in Bangalore may vary based on property value and location. OpenPlot brings you revised stamp duty and registration charges in 2024.
Stamp duty is a tax paid to the state government when a property is transferred from one owner to another. It differs from state to state. It is determined by the market value of the property you buy. Your documents are legally valid only after they are stamped. In contrast, a registration charge is a fixed percentage you pay to register your property.
| Property Cost | Stamp Duty Charges |
| Above Rs 45 Lakhs | 5 percent |
| Between Rs 21 Lakhs and Rs 45 Lakhs | 3 percent |
| Property up to Rs 20 lakhs | 2 percent |
What are Registration Charges in Bangalore?
Registration fees are mandatory taxes levied by the government for the purchase or transfer of ownership during property transactions. These charges play a vital role in legalizing the property transaction. Contribute to the state’s revenue generation.
Registration fees are typically calculated based on the value of the transferred property. Failure to pay them can result in legal consequences. Buyers and sellers need to be aware of these fees to budget accordingly for their property transactions. This tax must be paid to the government to complete the process of registering the property in government records.
| Property Cost | Registration Charges |
| Above Rs 45 Lakhs | 1 percent |
| Between Rs 21 Lakhs and Rs 45 Lakhs | 1 percent |
| Property up to Rs 20 lakhs | 1 percent |
Stamp Duty and Registration Charges: How to Calculate?
The stamp duty calculation in Bangalore, Karnataka, is based on the real estate market value of the property or circle rates applicable in that area. Below are some steps that will help in calculating stamp duty and registration charges in Bangalore.
- Multiply the total value of your property by the stamp duty as per the government. Let’s say 3 percent, then the formula to use is Property Value X 3/100
- Calculate the applicable registration charges on your property. Since the charge in Bangalore is 1 percent, the property value X 1/100 formula applies.
- Once you arrive at a specific registration charge and stamp duty, add them to the property price. After making all these additions, you arrive at the deal’s total value.
How to Pay Stamp Duty and Registration Charges Online in Bangalore
Stamp duty charges in Bangalore are Two thousand can be paid online only. For stamp duty amounts above ₹2,000, householders should follow the steps below:
- Visit the Khajane-II portal of the Karnataka State Government
- Scrolling down and clicking the ‘Generate Challan’ option will take you to another page
- In the DDO Office section, fill in the necessary details like Department, Type of Registration, and Sub-Registrar Office.
- In the third section select Agreement of Sale under Sub-Purpose and Stamp Duty in Purpose.
- After filling in the required details, you will be requested to provide the stamp duty figure and mode of payment.
- Click on submit and enter the CAPTCHA code. Make payment through the preferred mode.
Also read: Housing Projects in Bangalore: Top Appreciation Residential Project
Conclusion
Stamp duty and registration charges in Bangalore are essential fees that home buyers must be aware of while purchasing property. These charges can vary depending on the property’s value and location, so you must include them in your budget when buying a home in Bangalore.
Understanding the specific stamp duty and registration charges applicable to your property transaction is essential. Awareness of these fees can help avoid unexpected financial burdens during a home purchase.
Also read: Guidance Value Bangalore: Property Tax Impact in 2024