Rates of stamp duty for an apartment in Navi Mumbai

Q: I want to know the rates and other details for fixing the stamp duty & registration of a flat in Navi Mumbai

M K Bhargava, Apartment Resident

16th November 2011

Buying property in Mumbai

calculation of property tax

stamp duty in maharashtra

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rates of stamp duty in navi mumbai

calculation of stamp duty

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Replies (7)

Hi,
I heard that stamp duty is given up for transferring property in Navi Mumbai to close relatives. Is this already effective or is it still 2%?

Arushisha, Mumbai

14th July 2015

Comment

Hello Arushisha,
There is no stamp duty w.e.f. April 24, 2015 on gift deeds in Maharashtra. Please make sure that the property is transferred to someone in blood relation, otherwise the stamp duty will be applicable i.e.2%, Waiver on stamp duty on transfer is only in blood relations.

Miraniyatin, Mumbai

14th July 2015

In March 2016, i heard that Maharashtra Govt. is planning to waive stamp duty for small homes with an area of less than 250 square feet and offering concessional rates for residences up to 450 sq-ft. Is it true?

Shubham Bharat, Mumbai

27th June 2016

Hi Shubham!!
It is true and they have got approval for that. Residences above 450 sq ft in area will not get any concession or waiver and will cost 10% more with the state planning to increase ready-reckoner rates by as much as 10% from April 1, according to government officials aware of the proposal.

Miraniyatin, Mumbai

27th June 2016

Thanks Miran....
I think this is the first time the government will give up stamp duty, levied at 5% of the property value, or offer a concession on the charge for homebuyers. This move will result in benefiting small and affordable category homebuyers in extended suburbs, Mumbai Metropolitan Regions, and also Tier-2 cities of the state.

Shubham Bharat, Mumbai

27th June 2016

Hi Folks,
A year ago Stamp Duty was like 6% of total cost of property.
Registration Charges 1% of total cost of property,
VAT - 1% of total cost of property.

Ketalpujara, Mumbai

25th June 2015

Comment

Hi everybody,
In January 1st'2015, the latest ready reckoner rate hike in Maharashtra - 14% on an average - by the state government is the lowest of recent years. the hike for Mumbai (municipal corporation area) is an average of 14.81%.

Jerome Fernandez, Mumbai

15th May 2015

Comment

Hi Jerome,
I now that lot's of people not aware about the Ready Reckoner Rate. It is the base rate of property that determines stamp duty and registration charge collected by the government in the course of a property transaction. As per the latest information, stamp duty is 5% of the ready reckoner or market rate, whichever is higher, registration charge is likely to be 1% of the total value of a property from this year onwards. Till now, registration charge was fixed at Rs 25000 per transaction on residential properties.

Anirudh Patel, Mumbai

15th May 2015

But at the same time good news for those who already have flats and may go in for redevelopment. For alternative accommodation e.g. those going for redevelopment the fees shall be calculated for the extra space the owner gets, and not on the existing space he owns.

Jerome Fernandez, Mumbai

15th May 2015

could you please show the calculations lets says property value is 100Rs

Mehboob Shaikh,

9th January 2014

Comment

Hi Mehboob,
You can find out the market value of your property and the stamp duty amount on it from the Ready Reckoner as follows:-

You should know the division/village name and C.S. /C.T.S. number of your property.

From the Ready Reckoner, locate your valuation zone and sub-zone with the help of the division/village name and C.S./C.T.S. number of your property.

Vinay Dixit, Mumbai

10th February 2015

From the table know your rate per square meter, then multiply the rate with the built up area of your property in square meters. You will get a value. Reduce or increase this value for lift and depreciation as per the valuation factors given in the Ready Reckoner and you will get a market value. Find out the stamp duty amount applicable to you as per the market value.

Vinay Dixit, Mumbai

10th February 2015

Thanks Sanjana for the valuable information

M K Bhargava, Apartment Resident

16th November 2011

Comment

I feel Sanjana is correct... the 1% of Local Body Tax is not known to many till they are end to registration of property.

mukund,

16th November 2011

Comment

According to my knowledge, Stamp duty and registration charge depends on type of building, its age and price. The stamp duty in Navi Mumbai above Rs. 5,00,000/- is Rs.7650/- plus 5% and the registration fee is 1 per cent or Rs 30,000 whichever is higher. Other than stamp duty and registration in Navi Mumbai there is 1% of Local Body Tax applicable same as registration charge.

Sanjana Jain, Mumbai

16th November 2011

Comment

Hi Sanjana,
As per Maharashtra Stamp Duty and Registration act, Stmap duty in Maharashtra differs according to the jurisdiction in which it falls. If it comes in Nagar Nigam then the Stamp Duty is 3% on market value or on the agreement value whichever is higher. In Municipal Council, stamp duty is 4% on market value or on the agreement values whichever is higher. And in Municipal Corporation stamp duty is 5% on market value or on the agreement value whichever is higher.

Ketalpujara, Mumbai

14th July 2015