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What are the stamp duties & registration charges in Maharashtra in 2021?

What are the stamp duties & registration charges in Maharashtra in 2021?

 

Following the announcement of a massive stamp duty rate for available flats in Mumbai, cuts in August 2020. The state government has decided not to extend the stamp duty exemption on property registration beyond March 31, 2021. And ready reckoner rates for the financial year 2021-22 have been kept unchanged.  As per the announcement made by the state government in August 2020, the stamp duty payable on property transactions was reduced in two slabs:- 3% from 1 September 2020 to 31 December 2020, and 2% from 1 January 2021, to 31 March 2021.

 Earlier, the Maharashtra government, in its budget for 2021-22, announced a concession of 1% on the prevailing stamp duty rate on property transactions, if the property transfer or registration of sale documentation is done in the name of women. This announcement was made by Deputy Chief Minister Ajit Pawar on March 8, 2021.

Stamp duty rates and property registration charges depend on several parameters in different states.  Stamp duty is collected under the Maharashtra Stamp Duty Act(SMDA) in Mumbai. As per the HonestBroker report, the current stamp duty and registration charges in Mumbai are as below (Mar 2021).

        Stamp duty & Registration charges in Maharashtra

Cities

Stamp duty rates, Applicable 

Stamp duty rates, applicable from 1 Sep 2020, till 31 Dec 2020

Stamp duty rates, applicable from 1 Jan 2021, till 31 March 2021

Mumbai

5% (includes 1% metro cess)

2%

3%

Pune

6% (includes local body tax and transport surcharge)

3%

4%

Thane

6% (includes local body tax and transport surcharge)

3%

4%

Navi Mumbai

6% (includes local body tax and transport surcharge)

3%

4%

Pimpri Chinchwad

6% (includes local body tax and transport surcharge)

3%

4%

Nagpur

6% (includes local body tax and transport surcharge)

3%

4%

Stamp Duty is a type of property tax that is paid by home buyers while buying a property.  Like other states of India, Maharashtra also collects stamp duty and registration fees on all types of properties including freehold, leasehold, land (agricultural and non-agricultural), independent houses, flats for sale in Maharashtra, residential flats, or commercial properties.  The Maharashtra Stamp Duty Act, 1958 is applicable throughout the state of Maharashtra.  The Act collects stamp duty on fixed properties at the rate prescribed by the state government.

  •   Stamp duty charges are payable based on several parameters including the market value of the property, area of ​​the property, or various other criteria.
  •   Since a commercial unit includes many amenities, floor space, and security features, the stamp duty on a commercial property is slightly higher than that on a residential property.
  •   Stamp duty on the purchase of land is based on the locality and jurisdiction.  If your land parcel falls in a municipal area or an urban area, then you will have to pay more stamp duty land tax.  Similarly, if the land is located within the limits of the panchayat, the buyer will have to pay less than in the urban area

                Stamp duty in Maharashtra on transportation

Transportation deed

Stamp duty rates

Gift deed

3%

Gift deed for residential agricultural property based on family members

200

Leased deed

5%

Power of attorney

3% for property located in Panchayat areas & 5% for property located in municipal areas

 

Stamp duty in Mumbai:- Stamp duty applicable on transportation/ sale deed after march 2021:-

Area in Mumbai

Stamp duty in Mumbai

In  the municipal limits of any urban area

5% of the market value

In  the limits of any municipal council panchayat/cantonment of any areas within MMRDA

4% of the market value

In the limits of any gram panchayat

3% of the market value


 

NOTE:- These all charges may different if the government changes the stamp duty rates. For More Information About Affordable Housing Plan Visit HonestBroker

For the latest and precise details, visit the govt official site.

HonestBroker