Registration Fees and Stamp Duty [Bangalore, Karnataka]
The registration fees and stamp duty rates in Bangalore are things you should know while buying property and also applying for home loan. Stamp duty and registration charges are calculated based on the salable value of property. Each location and area in the state works on GUIDANCE VALUE of the property decided by the respective State Government. You can register property higher than the Guidance Value but not allowed to register less than the GUIDANCE VALUE.
Stamp duty is calculated on the higher value, between the ready reckoner rate (circle rate) and the agreement value of property. For example, if the agreement value of a property is Rs 50 lakhs and the value according to the ready reckoner rate is Rs 40 lakhs, then, the stamp duty would be calculated on the higher value, i.e., Rs 50 lakhs.
Details of Registration Fees and Stamp Duty in Bangalore
|Type of Fee||Amount (Rs)|
|Registration Charge||1% of the property value|
|BBMP, BMRDA & Village Area Added Cess||10% on the stamp duty|
|Stamp Duty||5.6% of the property value|
|BBMP & Corporation Added Surcharges||2% on stamp duty|
|BMRDA & other Surcharges||3% on stamp duty|
Stamp duty is charged only on the total saleable amount of the property, which is calculated by first multiplying the property’s size with its guidance value or the market value given by the builder.
Car parking and floor rise charges or preferential location charges (PLC) to give the property’s total saleable Value.
Saleable Value = Basic Cost (Size of property x Guidance Value) + Parking Charges + Floor Rise Premium & Preferential Location Charges (PLC), if any.
Registration charges = 1%of the saleable Value
Stamp Duty and Registration Charges in Different Cities
|City||Stamp Duty Charges||Registration Charges|
|Bangalore||5% of the total market value of the property||1% of property value|
|Delhi||4% if the owner is a woman6% if the owner is a man||1% of the total market value of sale deed plus Rs.100 pasting charge|
|Mumbai||4% of the total market or agreed value of the property for rural areas5% for areas that falls under Municipal zone.||1% of the total market or agreement value of the property or Rs.30,000 whichever is lesser.|
|Chennai||7% of the total market value of the property||1% of the market value of the property|
|Kolkata||5% of the total market value of the property if it fall in Panchayet area.6% of the total market value of the property if it falls under municipal areas.Please note that 1% additional stamp duty charge will be levied if the market value of the property is more than Rs.40 lakh||1% of the total cost of the property|
Factors that Determine Registration Charges
- The property’s age: Since stamp duty is calculated on the total value of the house or property, the age of a particular property plays an important role in determining stamp duty charges cause the Older properties are less expensive.
- Age of the property holder: Senior citizens pays lower stamp duty charge in most states.
- Gender of the Owner: Women in INDIA pays a subsidized stamp duty fee compared to men.
- Purpose of the property: Stamp Duty Fee is higher in case of commercial property.
- Location of the property: Property located in an urban area draws a higher stamp duty than rural or sub-urban area.
Amenities: Higher stamp Duty for more amenities in the Residential or Commercial premises.Higher Stamp Duty
Documentation Required for Payment of Stamp Duty and Registration Charges
- Sale deed in the name of the seller
- Khata certificate
- BBMP extract certificate
- Tax paid receipts of the last 3 months
- Registered development agreement (If in case of Joint Development Property)
- Power of attorney/s if any
- Joint development agreement, GPA, & Sharing/supplementary Agreement, between land owner and builder
- A Copy of all registered previous agreements (in case of re-sale property)
- RTC (Records of Rights and Tenancy Corps) or 7/12 extract
- Conversion Order issued by the concerned Authority
- Latest bank statements in case of any outstanding loan amount
- Certificate of encumbrance up to current date
- Sale agreement
- Electricity bill
- NOC from Apartment Association
- Sanctioned building plan
- Occupancy / Possession certificate from builder
- Title documents of land owner
- Photocopy of Society share certificate & Society registration certificate