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When buying a home or a real estate asset, there are two types of charges other than property prices that every investor should be aware of. Stamp Duty and registration charge are the cesses payable to the Government while purchasing the property anywhere in the country.
Stamp Duty is a tax that is levied on property transactions by the Government of India. The value of the Stamp Duty is determined by the price of the property at the time of registration. The price of the stamp duty can vary based on the circle rates of the region. The value of stamp duty varies from state to state and is administered by the state Government under Section 3 of the Indian Stamp Act, 1899. Stamp duty is usually paid by the buyer, and any delay in registration or payment of stamp duty can result in a fine.
Registration charges are mandatory under section 17 of the Registration Act of the Indian Constitution. Registration applies to all immovable properties. Documents of ownership should be presented before Gazette official as a proof of ownership, as well as for the Government to maintain a sub-registrar or public record.
The registration fee is based on the market value or sale value of the property (whichever is higher). It is usually 1% of the market value or the agreement value, for any property priced more than Rs. 30,000. Registration of a property can be completed only in the presence of two eye witnesses.
Registration and stamp duties are the first and most important steps of legally transferring property from one title to other. It’s best to complete these formalities at the earliest to avoid any legal complications or fines.
Stamp Duty in Ghaziabad:
Today, the stamp duty in the developing regions like Ghaziabad is only at 6-7%. This may be the reason that majority of people from other parts of NCR are shifting their base towards Ghaziabad and investing in plots and affordable properties alongside. To give you a perfect example of affordable segment property, Wave City has plots and homes in affordable category, where you can buy a home at a price as low as 15.99 lacs and get the registration of property administered by Ghaziabad Development Authority or GDA.
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