Introduction
Buying a property can be an exciting experience. But it is important to remember that there are additional costs beyond the selling price. One of these costs is the stamp duty and registration charges that buyers have to pay to the state government. These charges are calculated based on the value of the property purchased. It may vary depending on the state you are in.
Table of Comtents
- Stamp Duty and Registration Charges in Maharashtra
- What is the Maharashtra Stamp Act?
- Stamp Duty of Resale flats in Mumbai (Maharashtra) 2024
- Navi Mumbai: Stamp Duty in 2024
- Gift Deed Stamp Duty, Maharashtra
It is important for buyers to consider these charges when budgeting for their purchase, as they can significantly affect the total cost. transaction. By knowing these costs upfront, buyers can make more informed decisions and avoid any surprises down the line.
Stamp Duty and Registration Charges in Maharashtra
Stamp duty and registration charges in Maharashtra 2024 will be collected under the Maharashtra Stamp Act. The properties owned here are payable to the Maharashtra State Government.
If you are planning to own a property in Maharashtra, It is important to understand the charges that come along with it. The Maharashtra Stamp Act mandates the payment of stamp duty and registration charges to the state government for any property owned in Maharashtra. Therefore, it is essential to keep in mind these charges while budgeting for your property investment.
| Cities | Stamp duty rates for men | Stamp duty rates for women | Registration charges |
| Mumbai | 6% (includes 1% metro cess) | 5% (includes 1% metro cess) | Rs 30,000 for properties above Rs 30 lakhs; 1% of property value for properties below Rs 30 lakhs |
| Pune | 7% (includes 1% metro cess, metro cess, local body tax) | 6% (includes 1% metro cess, metro cess, transport surcharge) | Rs 30,000 for properties above Rs 30 lakhs; 1% of property value for properties below Rs 30 lakhs |
| Thane | 7% (includes 1% metro cess) | 6% (includes 1% metro cess) | Rs 30,000 for properties above Rs 30 lakhs; 1% of property value for properties below Rs 30 lakhs |
| Navi Mumbai | 7% (includes 1% metro cess) | 6% (includes 1% metro cess) | Rs 30,000 for properties above Rs 30 lakhs; 1% of property value for properties below Rs 30 lakh |
| Pimpri-Chinchwad | 7% (includes 1% metro cess, local body tax and transport surcharge) | 6% (includes 1% metro cess, local body tax and transport surcharge) | Rs 30,000 for properties above Rs 30 lakhs; 1% of property value for properties below Rs 30 lakhs |
| Nagpur | 7% (includes 1% metro cess local body tax and transport surcharge) | 6% (includes 1% metro cess local body tax and transport surcharge) | Rs 30,000 for properties above Rs 30 lakhs; 1% of property value for properties below Rs 30 lakhs |
What is the Maharashtra Stamp Act?
The Maharashtra Stamp Act, also known as the Bombay Stamp Act, of 1958 applies to all instruments mentioned in Schedule 1. Stamp duty on it should be paying to the state of Maharashtra. Recent amendments in the Act include e-payment of Gift Deed Stamp Duty Mumbai / Gift Deed Stamp Duty Mumbai, Stamp Duty Maharashtra, and amendment of penalty provisions. This includes increasing stamp duty in Maharashtra.
Stamp Duty of Resale flats in Mumbai (Maharashtra) 2024
Stamp duty charges on resale flats in Mumbai are payable to the state of Maharashtra as per the schedule of the Maharashtra Stamp Act, also known as the Mumbai Stamp Act 1958.
| Areas in Mumbai | Stamp duty for men | Stamp duty for women | Registration charges |
| Within the municipal limits of any urban area | 6% of property’s market value | 5% of property’s market value | 1 % of the property value |
| Within the limits of any municipal council/ panchayat/ cantonment of any area within MMRDA | 4% of property’s market value | 3% of property’s market value | 1 % of the property value |
| Within the limits of any gram panchayat | 3% of property’s market value | 2% of property’s market value | 1 % of the property value |
Navi Mumbai: Stamp Duty in 2024
Stamp duty charges and Registration charges in Navi Mumbai 2024
| Areas in Navi Mumbai | Stamp duty in Mumbai | Registration charges |
| Stamp duty and Registration charges for men | 7% of property’s market value | 1 % of the property value |
| Stamp duty and Registration charges for women | 6% of property’s market value | 1 % of the property value |
| Stamp duty and Registration charges for joint (men and men) | 7% of property’s market value | 1 % of the property value |
| Stamp duty and Registration charges for joint (She and he) | 7% of property’s market value | 1 % of the property value |
| Stamp duty and Registration charges for joint (women and women) | 6% of property’s market value | 1 % of the property value |
Gift Deed Stamp Duty, Maharashtra
As per Article 34 of the Maharashtra Stamp Act as amended in 2017. Gift deed stamp duty in Mumbai and other parts of Maharashtra is 3% of the property value. However, suppose the property in consideration is residential or agricultural and is gifted (without any payment) to a family member. In that case, the stamp duty on gift deeds in blood relations in Maharashtra is Rs.200.
| Gift deed | Stamp duty rate in Maharashtra. |
| Gift deed stamp duty Mumbai and other parts of Maharashtra. | 3% |
| Gift deed stamp duty for residential/agricultural property passed on to family members | Rs 200 |
| Lease deed | 5% |
| Power of attorney | 5% for property located in municipal areas, 3% for property located in gram panchayat areas. |
Conclusion
Stamp duty is payable to the State of Maharashtra in respect of property in Mumbai as per the schedule of the Maharashtra Stamp Act. Among the recent amendments in the Act, Gift Deed Stamp Duty Mumbai / Gift Deed Stamp Duty Mumbai, Penalty provisions have been amended. Here are more stamp duty revisions and increases. For more information, visit OpenPlot.
Also read: Stamp Duty Charges in Pune, 2024