Is there any difference in stamp duty on purchase of newly constructed flat and a flat constructed 15 years ago in the s

Q: Is there any difference in stamp duty on purchase of newly constructed flat and a flat constructed 15 years ago in the same locality?

s.d.kahaley, Nagpur

26th February 2015

Buying property in Nagaur

stamp duty and registration fees

stamp duty rates in maharashtra

stamp duty in nagpur

registration charges in nagpur

under construction vs ready to move property

stamp duty and registration fee in maharashtra

calculation of stamp duty and registration fees

registration charges and stamp duty in maharashtra

stamp duty hike in nagpur

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Replies (5)

Right Hitesh........the Urban Development Department has finally cleared the proposal yesterday to increase stamp duty by 1% in Metro Rail corridor. The corridor is the area lying within 500 metres on both sides of the Metro track. The duty will now be 7.5% instead of 6.5%. The 1% registration charge (maximum Rs.30000) will remain unchanged. The stamp duty in the city except the area under Metro corridor will remain at 6.5%.

Meghna Ananth, Mumbai

5th July 2016

Comment

At the same time, the stampy duty revenue will help NMRCL in repaying the 500 million Euro loan it has taken from German government agency KfW and the under consideration 130 million Euro loan from Agence Francaise de Developpement (AFD), a French institution.

Dharmaja Patel, Mumbai

5th July 2016

Hi Everybody!!!
Have you heard the latest updates on property tax in Maharashtra? Stamp duty hiked by 1% in Nagpur Metro Rail corridor by the urban development department.

Hitesh Thawani, Mumbai

5th July 2016

Comment

The decision to hike stamp duty is very important for Nagpur Metro Rail Corporation Limited (NMRCL) as it will get half the revenue generated by levy of the 1% surcharge. The remaining 50% will go to Nagpur Municipal Corporation (NMC) or Nagpur Improvement Trust (NIT) depending on whose land the property lies.

Dharmaja Patel, Mumbai

5th July 2016

Hi everybody,
The stamp Duty and Registration Charges in Maharashtra is 1) if your locality fall under the within Municipal Corporation boundary stamp duty is 5% and and registration fees will be 1%, 2) if it comes under Within Municipal Council boundary the n the stamp duty 4% and registration charges will be 1% and 3) if it is under within Gram Panchayat boundary then you have to pay 3% as a stamp duty and 1% as a registration charges.

Shantanu Kumar, Mumbai

27th February 2015

Comment

You are right Vikash,
Such things would take a charge on your finances as well as your mental health. There is no delay in construction, service tax or VAT in a resale property, issues you could face while buying an under-construction property. If these factors appeal to you, you can take a serious look at resale properties.

Nandakishore, Ahmedabad

27th February 2015

Comment

@Nandakishore,
The agent also helps you with the paperwork, including registration of your property and payment of stamp duty. Of course, agents will charge you a fee once the transaction is done. The fee, which is negotiable and depends on the quality of services, in usually in the range of 1% to 1.5% of the transaction value.

Vikash V, Ahmedabad

27th February 2015

HI,
The resale flat, which may be in perfect condition, would be at least 10% cheaper than the newly-constructed flat. Saving 10% is a huge relief when the prices are astronomical and interest rates are flying around double digits. Buying a resale property can be a smart choice, provided you do your due devotion well.

Nandakishore, Ahmedabad

27th February 2015

Comment

Hi Nandakishore,
The biggest advantage of a resale property is that you can move in immediately. The carpet area may be higher and there would be better clarity on your cash outflows. Last but not the least, you get what you see.

With an under-construction property, the end product may not be what is promised to you. There have been several instances of builders promising to complete the project in a particular period, but failing to stick to the deadline. Also, there have been instances of buyers being cheated on the carpet area.

Vikash V, Ahmedabad

27th February 2015