Real Estate Forum on Legal Advice

Latest Answer: Mysore Urban Development Scheme has decided to start the OYHS in certain localities in Mysore. Under this scheme MUDA will construct houses for the economically backward classes of the society. If you have received a MUDA approved site in Mysore, and you don’t possess any other sites or homes in the country, then the MUDA will undertake the building of your home under a discounted rate. The areas like Vijayanagar IV stage, A and B zones of Hanchya Sathagalli, Devanoor II stage, and Sathagalli II stage have been chosen by the MUDA for beginning the OYHS. So you need to have a MUDA site in these areas.

Latest Answer: Hey, the registration fee for property in Hyderabad has always been 0.5% of the market value of property. You will need to submit all your documents, like the sale deed, at the office of the local sub-registrar. You can also register them at the district registrar’s office. It is good that you’re aware of the importance of registering your property. In the recent times, property registrations have dropped drastically. Though it might seem like quite a hassle, property registration is necessary. Without registering your property, you won’t get to own it officially.

Latest Answer: You will have to pay property tax according to many factors like size of the house, and where your house is located. In the old rental value system, owners paid 15% of the rental value of the building. If the flooring used in your house is marble or luxury tiles, you will have to pay 15% extra. You can pay your property tax online at http://tax.lsgkerala.gov.in/epayment/, which is run by Information Kerala Mission.

Latest Answer: How to obtain the PIN with IMC, as it asks for PIN or service number to show your property tax details or online payment?

Latest Answer: Yes, if you’re buying a flat in Indore you don’t have to pay the service tax anymore. The VAT is only applicable for transaction of under-construction property. If the builder has given the construction contract to some other building company, then VAT will come up on the construction costs. The entry of any construction related material into Madhya Pradesh will be chargeable for VAT under the Madhya Pradesh VAT Act.

Latest Answer: The payment system at the zonal offices is a very confusing procedure. It is better to pay the tax at the bank. Mysore City Corporation has started a new system of property tax payment at different branches of certain banks, like State Bank of Mysore, Vijaya Bank, ING Vysya, and Syndicate Bank. You can go to any branch of any of these four banks and deposit money in the MCC account for that bank. The MCC has been working on starting up a system of online property tax payment from 2010. But they haven’t been able to put up the facility on the website as of now.

Latest Answer: Hi, I am planning to buy property of muda site at vasant nagar near Vidyavikas college kindly let me know the stamp duty

Latest Answer: Don’t depend on the agent too much on these matters. It is better if you yourself can do the payment and take the receipt of the payment. The registration fee is 1% of the property value in Mysore, in case of sale of property. In addition to this, the Mysore City Corporation (MCC) has introduced a 2% fee chargeable on the sale deed. If you acquire the property as a gift deed from a family member, then you will have to pay a registration fee of just Rs 500.

Latest Answer: The current stamp duty in city limits is 7 per cent, 5 per cent in panchayats, and 6 per cent in municipal areas. The Kerala government are planning to fix a uniform tax rate at 6 per cent for the entire state. It is a tax imposed by the government on property transactions. The stamp duty in Kochi has reduced from 13.5 to 9 per cent, and is currently at 7 per cent. The duty is to reduce to 6 per cent from April 1, 2014. Ensure you pay the stamp duty, because if you don't you'll have to pay a fine of 2 per cent every month or 200% of the stamp duty deficit amount.

Latest Answer: You will have to pay 1% of the market value of the property to register your property. It is compulsory for you to register your property according to The Registration Act 1908. For that, you will need to prepare the final sale deed and also pay stamp duty. You will also need to submit all required documents to the Sub-Registrar of Assurances. You can either pay by cash or by demand draft. The seller must be present at the Sub-Registrar's office during registration. You will incur a penalty if you do not pay the stamp duty.