Buying real estate is a lengthy process with much documentation and formalities in between, along with hefty prices. You need to be aware of many things, such as taxes, GST details, and so on, and stamp duty is one of those. Whether you are looking to buy a house or own a luxury apartment in Delhi, you must go through the legal process to own the possession certificate of the asset.
If you are buying any flat, the real estate developers in Delhi, such as TARC, will tell you everything about these charges. The fee is assessed on both the registration of new properties and the sale of existing properties.
This article will take you through the stamp duty and the fees associated with buying new properties in Delhi. Read on to learn more!
How Do the Registration Fees Vary in Delhi?
The cost of registering a property varies by state. Additionally, it depends on in whose name the property will be registered. Women and older citizens receive a reduction in registration fees from the state government.
Here are the determining factors that affect the registration fees in Delhi-
Property's Location : The registration costs are heavily influenced by the property's location. You will pay significant registration fees if your property is in a developed or major city. The state where you purchase the property is essential since the state government imposes fees for property registration.
Property Types: Commercial and Residential: Commercial property registration fees are greater than residential property registration fees. This is mainly because, unlike residential houses, commercial properties are constructed for business purposes and require additional amenities like maintenance of HVAC systems, common rooms, conference facilities, Wifi systems, and more.
Property Age: You will typically have to pay a high registration cost to register a new property. The registration fee is based on the price of your entire property, making it reasonable. When you register an older or less recent property, the registration fees will be lower because its value has likely decreased since it was built.
What Are the Stamp Duty Charges in Delhi?
Given below are the stamp duty rates in Delhi-
Person | |
Man | 6% |
Woman | 4% |
Joint | 5% |
What Are the Registration Fees for Properties in Delhi?
The registration charges in Delhi are as follows:
Person | Rate (of the property value) |
Man | 1% |
Woman | 1% |
Joint | 1% |
Example:
Check this example for stamp duty and registration charges in Delhi.
Property Cost = ₹ 20,00,000
Registration Charge = 1% of ₹20,00,000 = ₹ 2000
Stamp Duty = 4% of ₹20,00,000 = ₹ 80,000
How to Pay Stamp Duty and Registration Fees in Delhi?
Users can visit the Stock Holding Corporation of India’s official website, and make the stamp duty payment there.
Conclusion
Suppose you are considering investing in a luxury apartments in Delhi. In that case, you must be familiar with all the charges, including the extras you are paying above the property cost. These are stamp duty charges and registration fees, which go to the Delhi government. Check the above-mentioned rates for stamp duty and registration charges that you need to pay to buy a property in Delhi.