Stamp Duty and Registration Charges in Pune, Maharashtra_banner_WC

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Every home buyer in Pune is obligated to bear the cost of stamp duty and property registration, above the cost of buying their home. When a property changes hands or is a new buy, several documents need to be in place to ensure the property is entirely in the buyer’s name. Stamp duty, a tax payable on property purchase, is one such legal proof of ownership. Buyers also need to pay registration fee to complete purchase formalities. These additional charges impact the property’s cost and are mostly not covered by a home loan. It is, thus, imperative you understand the applicable stamp duty and charges before beginning a purchase to gauge the total cost of buying a new property.

Pay home registration charges in Pune to complete the legal formalities once and for all.

What is Stamp Duty?

Stamp duty is a tax homebuyers pay at the time of property registration to the Indian Government, under the Registration Act, 1908. The rate of these charges is a percentage of the property’s total value, that is paid above the cost of buying the house.

The stamp duty charges in Pune are fixed and regulated by the Maharashtra State Government and is periodically revised to meet the current property sale trends. In a slow market, rates are made more favourable to push up sales, as was the case during the 2020 COVID-19 Pandemic.

What does Property Registration Charge Mean?

The property registration charge you bear is the cost of registering your property legally in the eyes of the government, so they can guarantee your legal ownership over the property in question. This process is usually carried out at the office of the sub-registrar, that has jurisdiction over the area in which your property is located. In many Indian cities, if the registration of your newly purchased property is not completed within 4 months, you may lose the right to sell your property or enter any other transaction related to it.

What are the Current Stamp Duty Rates and Property Registration Charges in Pune?

The stamp duty charges levied on the purchase of property in Pune is set against the Ready Reckoner Rate. The Ready Reckoner Rate, also known as the Circle Rate, is a fixed rate set by state government, that does not permit any property to be sold below it. Additionally, the stamp duty charges also depend on the type of homebuyer, who is making the property purchase.

The table below details the stamp duty and registration charges in Pune, effective since 1st April 2022.

Type of Homeowner Stamp Duty, Pune (%) Property Registration Charges, Pune
Male 7% (5% Stamp Duty + 1% Metro Cess + 1% Local Body Tax) For properties over Rs.30 lakh – Rs.30,000 For properties below Rs.30 lakh – 1% of agreement value
Female 6% (4% Stamp Duty + 1% Metro Cess + 1% Local Body Tax) For properties worth more than Rs.30 lakh – Rs.30,000 For properties worth less than Rs.30 lakh – 1% of agreement value

Homebuyers typically pay a fixed stamp duty rate in Pune on their property value. The property’s current value is determined with the help of the prevailing circle rate or ready reckoner rate of the area where it is located. You will be able to derive the value of the property by multiplying the ready reckoner rate with area occupied by the property, and then calculate the stamp duty over it.

Note that if the price of the property is lower than the government rates, the stamp duty in Pune will be computed against the ready reckoner rate, of the time.

For example, an Individual buys a house at Baner that has a carpet area of 300 sq. metres. The current circle rate of Baner is Rs.42760/sq. metre.

So, property’s value would be – 300 x 42,760 = Rs.1,28,28,000

Stamp duty charges in Pune are 7% for male buyers. As per the calculations, the owner must pay Rs.8,97,960 as stamp duty on the property. Given the property valuation is over Rs.30 lakh, the individual will also pay flat registration charges in Pune of Rs.30,000. Homebuyers can compute the stamp duty and home registry charges without going through any hassle by simply using an online stamp duty calculator.

One can easily pay stamp duty and registration charge in Pune online by visiting the official portal. However, note that parties involved in the transaction must visit the sub-registrar’s office to initiate and complete the biometric identification

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