Guide to Stamp Duty and Registration Charges

When you decide to buy a home, you need to check the paperwork of the property as well. The stamp duty and registration charges are an integral part of such paperwork. So, naturally, payment towards the same has to be done before purchasing any property. Being levied by state governments, the charges for registration and stamp duty varies slightly from one state to another.

Purchasing a property means a transfer of title, which has to be done through legal means as per Section 3 of the Indian Stamp Act, 1899. The charges collected against stamp duty are necessary to validate your claim on the registration agreement. In other words, this registration document is the sole proof of your ownership in a court of law.

The Maharashtra Stamp Duty Act is the one and only deciding factor for payment of stamp duty and registration charges in Mumbai. The registration charge for a property is levied over and above the stamp duty. However, the stamp duty in Mumbai is not uniform due to the diverse nature of the city.
Here is a breakdown of the fees.

As already discussed, these charges are levied on every property, but the charges are not the same for everyone. Here are the factors that affect your fees.

1. Type of property: The fee on a residential would be comparatively lower than that of a commercial property.
2. The type of location: Properties in rural areas, as well as semi-urban areas, have to pay considerably less as compared to the posh localities.

In Mumbai, you can go for both online as well as offline means for the payment of these fees. There is a dedicated Maharashtra Government portal ‘Government Receipt Accounting System’ (GRAS) wherein you need to enter all the necessary details regarding the property and its documents and make the payment accordingly.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.