Stamp duty rates and property registration in Mumbai
by admin on August 12, 2021
How to Pay Property stamp duty in Mumbai
Stamp duty rates and property registration charges depend upon several criteria across different States. In Mumbai, stamp duty is levied under the Maharashtra Stamp Duty Act.
Update: The Maharashtra government has reinstated stamp duty rates for property registrations at five percent in Mumbai and six percent in the rest of the State w.e.f April 1, 2021.
The government, in March 2021, announced one percent rebate in stamp duty if a property is transferred only in a woman’s name. All women home buyers in Mumbai will have to pay four percent as stamp duty. This rebate is not applicable to joint owners (Male and Female).
Stamp duty and registration charges in Maharashtra
| Cities | Stamp Duty rates (Male) | Stamp Duty rates (Female) | Registration Charges |
| Mumbai | 5% | 4% | For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value. |
| Pune | 6% (Stamp duty 5% + Local Body Tax (LBT) 1%) | 5% (Stamp duty 4% + Local Body Tax (LBT) 1%) | For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value. |
| Thane | 6% (Stamp duty 5% + Local Body Tax (LBT) 1%) | 5% (Stamp duty 4% + Local Body Tax (LBT) 1%) | For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value. |
| Navi Mumbai | 6% (Stamp duty 5% + Local Body Tax (LBT) 1%) | 5% (Stamp duty 4% + Local Body Tax (LBT) 1%) | For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value. |
| Pimpri Chinchwad | 6% (Stamp duty 5% + Local Body Tax (LBT) 1%) | 5% (Stamp duty 4% + Local Body Tax (LBT) 1%) | For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value. |
| Nagpur | 6% (Stamp duty 5% + Local Body Tax (LBT) 1%) | 5% (Stamp duty 4% + Local Body Tax (LBT) 1%) | For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value. |
How is the stamp duty rate calculated in Mumbai?
Stamp duty rates are usually calculated on the higher value between the Ready Reckoner rate and the value of property prescribed in the buyer-seller agreement. Stamp duty charges in India vary from State to State. In Maharashtra, the stamp duty on the property varies within the State if the real estate property falls within the municipal corporation limits, municipal council, and gram panchayat, while one percent is charged as registration fee.
What is the stamp duty rate in Mumbai?
Within the Municipal limits of any urban area – 5 percent of the market value of property from April 1, 2021 onwards.
Stamp duty and registration charges in Mumbai
| Areas in Mumbai | Stamp Duty rates in Mumbai for men | Stamp Duty rates in Mumbai for women | Registration charges in Mumbai |
| Within the municipal limits of any urban area | 5% of the market value of property | 4% of the market value of property | 1% |
Disclaimer: The above rates are derived from the Official Website. Last updated on April 1, 2021
Basically, stamp duty is a type of property tax paid by home buyers while purchasing a property. Like other States in India, Maharashtra, too, levies stamp duty and registration fees on all types of properties including freehold or leasehold, land (agricultural and non-agricultural), independent houses or flats, and residential flats or commercial properties. The Maharashtra Stamp Duty Act, 1958 applies across the entire State of Maharashtra. The Act levies stamp duty on real estate properties at the rate fixed by the State government.
- Stamp duty charges are payable at rates based upon several parameters including the market value of the property, area of the property, or various other criteria.
- Since a commercial unit includes many amenities, floor space, and security features, the stamp duty on a commercial property is slightly higher as compared to a residential property.
- Stamp duty on land purchase is based on the locality and jurisdiction. If your land parcel falls within a municipal locality or an urban area, you need to shell higher stamp duty land tax. Likewise, if the land is located in Panchayat limits, the buyer will have to pay less as compared to the urban region.
How to pay stamp duty online in Mumbai?
To simplify the process of property registration, several State governments have launched e-payment of stamp duty. E-stamp registration facility would help home buyers to pay the stamp duty, registration fee or any other charges online with a few clicks. The online stamp duty payment procedure is time-efficient, transparent and simple. Home buyers will need to follow some easy steps to pay stamp duty on the purchase of a property.
- Home buyers can log on to the Maharashtra stamp and registration department website – http://igrmaharashtra.gov.in/
- After landing on this page, payers would need to fill up certain information regarding the property and its area.
- Once all the required details are filled-up, you need to choose the payment gateway. The website has been linked with all major nationalised banks.
- Choose your bank and make the payment
If you are looking to buy a home in Mumbai in 2021, location such as Andheri (East), could be the best bets. In addition to massive upgraded housing development, Andheri East also enjoy robust infrastructural growth and proximity to commercial centers. Mumbai’s residential real estate market seems to be outperforming the other property zones in the country. Good infrastructure with modern amenities are being doled out by developers. The recent cut in stamp duty has also made housing projects more affordable.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. It does do 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.
