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Buying a real estate property can be quite bothersome, especially when it comes to registering it. The amount finalised between you and the seller is not the final price. There are extra charges that needs to be paid once you get it registered. These are Stamp Duty and registration charges which are required to be paid. A Stamp Duty is charged while transferring the title of a property from one person to another. It is a fee levied by the State Government on the documents you need to register your property. The Stamp Duty and Registration Charges are different for different states.
A stamp duty on home loan along with registration document acts as a legal document on proving the ownership of the property. There are a number of factors which determines your stamp duty charges. We have listed some of them below:
The Maharashtra state legislative assembly has approved an amendment to the Mumbai Municipal Corporation Act, 1888, proposing to levy a one per cent surcharge on stamp duty, on transfers of certain immovable properties. It would be levied on the sale, lease, mortgage and gift of real estate, within the purview of the Brihanmumbai Municipal Corporation (BMC). This endeavour is to finance the infrastructural works such as metros, mono rail, freeways and sea links. It will push up property stamp duty to 6% from the current 5%. As per the provisions of the bill, the additional surcharge will be levied on stamp duty on the sale, gift and usufructuary mortgage of immovable property. This is of vital importance when it comes to urban transport projects which are being undertaken.