Stamp Duty & Registration

stampduty

Stamp duty

  • A stamp duty paid document is considered a proper and legal document and as such gets evidentiary value and is admitted as evidence in the court of law. The documents that are insufficiently stamped are not admitted as evidence by the court.
  • Stamp duty is payable under Section 3 of The Bombay Stamp Act, 1958.
  • Stamp duty is payable on market value or agreement value whichever is higher.
  • The market value of any property is determined by the stamp duty authorities on the basis of the Stamp Duty Ready Reckoner issued by the government on April 1st every year.
  • Stamp duty for residential property is Rs. 7600/- plus 5 % of the value above Rs. 5, 00,000/- for the time being in force.
  • Stamp duty for a non-residential property is flat 5 %.
  • Stamp duty is charged, for every Rs. 500/- or part thereof of the value.
  • Stamp duty must be paid at the time of execution of the agreement. The penalty for late payment of the stamp duty is 2% per month on deficit stamp duty amount, subject to maximum four times of the deficit stamp duty amount.

Registration Fees

  • Once the stamp duty is paid on the document, it has to be registered with the Sub Registrar of Assurances of the respective district. The document is to be registered according to the provisions of The Registration Act, 1908.
  • The document should be registered within 4 months from the date of execution.
  • All parties executing the document admit before Sub Registrar of Assurances that they have executed the document presented for registration. Parties are then identified by two independent witnesses.
  • Parties to the document are photographed and their left-hand thumb impression is taken and such photograph and thumb impression are affixed on additional pages attached to the document apart from color photographs and thumb impression which a person affixes in agreement value while executing a document.
  • The Sub Registrar of Assurances records the content of the document, including the additional pages, either by photocopying or scanning the content of the documents.
  • If a particular document is required to be compulsorily registered under the law and is not registered then the proper legal title will not pass on the purchaser i.e. the title will be defective and the document becomes inadmissible in the court of law.
  • Registration fees is 1 % of the market value or agreement value whichever is higher, subject to a maximum of Rs. 30,000/-.
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We are currently updating our website towards compliance of newly introduced real estate law i.e. the Real Estate (Regulation and Development) Act 2016 and the Rules made there-under (“RERA”), which have been brought into effect from 1st May, 2017.

In the interim, no information, images or material which is currently available / displayed on the website, shall be deemed to constitute any advertisement, invitation, solicitation, offer or sale of any of our product offerings and we shall not accept any such bookings based on reliance of such currently available information, images and material on the website and further shall not be responsible for any consequences of any action taken by any person or authority relying on material/information or otherwise.

We request you to get in touch directly with our sales representatives, please do not rely on any information contained on this website, until the revision and updation is complete. By accessing this website, the user confirms that the information including brochures and other marketing collaterals on this website are for informational purposes only.The same is applicable from 1st May 2017 onwards.

We shall get back to you soon with an updated website, as we are yet to receive a RERA Registration Number.