What is the stamp duty and registration charge when you buy extra area in redevelopment in mumbai?

Q: What is the stamp duty and registration charge when you buy extra area in redevelopment in mumbai?

Sneha Hirani,

20th November 2015

Property Tax in Mumbai

stamp duty and registration charges in maharashtra

stamp duty for buying extra space

registration charges for buying extra space

registration charges for redevelopment

stamp duty for redevelopment

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Replies (4)

Hi,
As i know, when a building is redeveloped, stamp duty equivalent to 1% of total market value of the property has to be paid for additions made to the existing structure. This means members of the redeveloped building of a society, who have received a little more apace in the ''extra space'' given by the developers while using TDR. After payment of the stamp duty, the same is required to be registered with the Sub-Registrar on a payment of 1% of the market value or Rs.30000 whichever is less. The current Ready Reckoner available determines the market value.

Saran, Noida

2nd December 2015

Comment

Hi Sneha,
The Stamp Duty payable would be on the cost of construction of the present area of the Premises and on the market value for the extra area received as per the Ready Reckoner Value published by the Government of Maharashtra every year on 1st January.

Sandeep Mhatre, Mumbai

1st December 2015

Comment

But remember, in the cases of redevelopment, the Stamp Duty and the Registration Charges on surrender of the existing premises to the Developer for the purpose of redevelopment would be paid by the Developer. Whereas, when the individual members receives the redeveloped premises from the developer, he is liable to pay Stamp Duty and Registration Charges on the same as per the Ready Reckoner Value published by the Government of Maharashtra every year on 1st January.

Shrikant Kejriwal, Mumbai

1st December 2015

No Difference in Stamp Duty as it is government regulated...... Good Luck

Prasant Das, Navi Mumbai

26th November 2015

Comment

Stamp Duty is tax, similar to sales tax and income tax collected by the Government, and must be paid in full and on time. If there is delay in payment, it attracts penalty. A stamp duty paid instrument/ document is considered a proper and legal instrument/ document and such gets evidentiary value and is admitted as evidence in courts. Instruments /documents not properly stamped are not admitted as evidence by the court.
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.
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

Akruti Rai,

20th November 2015

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