Stamp duty and registration charges are two additional costs that a home buyer must bear while purchasing a real estate property in Pune. These charges are paid to the government at the time of the registration of a property, as was made compulsory under the provisions of the Registration Act, of 1908. These charges are fixed by the state government and are revised to boost or curb demand in the local real estate market.
STAMP DUTY AND REGISTRATION CHARGES IN PUNE IN 2023
For a male buyer, the stamp duty rates in Pune are 7% (Stamp duty 5% + metro cess 1 + Local Body Tax (LBT) 1%), and for a female buyer the stamp duty rates are 6% (Stamp duty 4% + metro cess 1 + Local Body Tax (LBT) 1%). While the registration charges are the same for both male and female buyers – for properties above Rs 30 lakh – Rs 30,000, and for properties below Rs 30 lakh – 1% of the property value. If the property is jointly owned by both male and female in Pune, the joint owners are liable to pay 6.5% stamp duty and the registration charges will be the same as for properties above Rs 30 lakh – Rs 30,000, for properties below Rs 30 lakh – 1% of the property value.
Here are a few key points for stamp duty and registration charges in Pune
- The availability of both online and offline modes of payment for stamp duty and registration charges
- Uniform registration charges for male, female, and joint property buyers
- These are the mandatory charges to be paid by all property owners in Pune
- 1 % stamp duty rebate to be provided to female property owners in Pune
- 1% metro cess is applied on all property purchases in Pune.
- Senior citizens (above the age of 60 years) are eligible for a one percent stamp duty exemption on the property value, subject to a maximum limit of Rs 1 lakh.
- First-time home buyers are also eligible for a 2% stamp duty exemption on the property value, subject to the maximum limit of 2.5 lakhs.
In order to pay stamp duty and registration charges online, a home buyer in Pune will have to visit the Government Receipt Accounting System (GRAS), the official portal for the stamp duty portal in Maharashtra. One needs to register on the site, provide details of the property, calculate the cost, and proceed to online payment for the stamp duty. Once the payment has been successfully processed, one has to print the receipt and book an appointment at the SRO office.
