All you need to know about property registration and stamp duty charges in Bangalore
One must keep in mind the property registration and stamp duty charges while buying a new house. All this is definitely going to increase your expenses when investing in real estate.
These charges are made compulsory as per the Indian Stamp Act, 1899 and are collected to maintain a record of the property and authenticate the sale agreement. It is essential to understand these charges as the state government fixes all of these.
Karnataka government reduces the stamp duty charges to 3%
For the homes that are valid between Rs. 35 lakh to Rs. 5 lakh, the Karnataka government has proposed to decrease the stamp duty charges by 3%. These special charges are for those houses that fall under the affordable housing segment. This segment consists of 48% of the unsold real estate in India. Hence, reducing the stamp duty charges will increase their sales. So, for all those people looking for houses in Bangalore, this a good news.
Stamp duty calculator to calculate the fees in Bangalore
Calculating the stamp duty and property registration charges in Bangalore is quite easy. The way people access financial data has completely changed after the technology has amalgamated into finance. This is applicable for calculating stamp duty fees. One can estimate the stamp duty payable for a reasonable price. Start with entering your basic details related to your property and click on the ‘Calculate’ button.
Factors that determine the stamp duty charges
Age of the property
The age of a property is very important to determine the stamp duty charges as it is calculated using the total value of the property. This is because newer properties are more expensive than older properties.
Age of the property holder
The age of the property holder plays a major role in determining the property registration and stamp duty charges as senior citizens are supposed to pay a lower stamp duty charge in many states like Bangalore.
Gender
In India, men pay around 2% more than a woman when it comes to paying stamp duty fees.
Purpose of the property
If compared to residential properties, commercial properties draw higher stamp duty charges. This is because commercial properties in Bangalore would require more amenities than residential buildings.
Location of the property
The stamp duty fee payable by an individual is depended on the location of the property. A property located in the rural areas of Bangalore will definitely draw less stamp duty fees as compared to the property located in the urban areas.
Amenities
The stamp duty fee is also based on the number of amenities a building has. If a building in Bangalore has more amenities, then high stamp duty will be charged, but if it doesn’t have any amenities, then fewer stamp duty fees will be charged.
Property registration in Bangalore is very easy. One can easily register their property online by using a government portal. Registering your flat according to its location in the city can be done using the 200 sub-registrar offices that are mentioned on the portal.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.