Stamp Duty and Registration Charges in Bangalore

Stamp Duty and Registration Charges in Bangalore

Stamp duty and registration charges!! I’m sure everyone would have heard the word while buying or selling a property, but many of us don’t really bother to know what these charges are. In this post, we go into the costs associated with stamp duty and registration fees in Karnataka in 2022 for people purchasing real estate in major cities like Bengaluru. However, we must first understand what stamp duty is in order to move on.

What are Stamp Duty and Registration Charges?

To have the property registered in his name in the government's records, the buyer must pay
stamp duty to the sub-registrar of the region where the property is located. State governments
make decisions about levies like stamp duty. Registration fees are associated with buying real
estate in Karnataka. In Karnataka, the registration fee for buyers is equal to 1% of the deal's
value. Keep in mind that the registration fee is in addition to the stamp duty fee.

What Are Bangalore’s Property Stamp Duty Rates?

The Karnataka government has lowered the stamp duty rates from 5% to 3% for properties worth between 35 and 45 lakh rupees.

1. Bangalore’s current stamp duty rates apply to properties valued under 20 lakh and are 2%.
2. While the stamp duty is 3% if the property’s worth is between 21 and 35 lakhs.
3. For properties worth more than 35 lakh rupees, a 3% stamp duty fee is applied.
4. Registration charges are 1% of total property value.

For different types of properties, different standards are applied to the calculation of the registration fee and stamp duty. In Bangalore

1. For calculations involving multi-story residences, the super built-up area is taken into account.
2. Plots are calculated by multiplying the sq ft area by the current guideline value for that area.
3. The overall area of independently owned homes is taken into consideration.

Stamp duty charges in Bangalore vary depending on urban and rural areas.

1. Urban areas it is 5.6% for properties more than ₹ 35 lakh
2. Rural areas it is 5.65%

Factors that Affect the Cost of Stamp Duties

Older homes are less expensive.

Seniors should pay cheaper stamp duty.

Stamp duty rates are higher for commercial properties.

Urban properties are subject to higher stamp duties.

Greater luxuries equate to higher stamp duty.

How to Calculate the Stamp Duty Charges in Bangalore?

1. Fill out the necessary fields on the Stamp Duty Calculator page of the Kaveri Online Services Portal.
2. Go ahead and choose the document’s nature from the drop-down menu.
3. Input the indicated market value (guide value), consideration amount, and the area type (BBMP, city corporation, municipal corporation, town panchayat, gramme panchayat, or others). You can select the “Calculate market value” option if you are unsure of the value.
4. To calculate, click. On your screen, the computed stamp duty will appear.

Surcharge on stamp duty in Bangalore

All property buyers in Bangalore need to pay a 2% surcharge and 10% cess on stamp duty, for properties priced above Rs 35 lakh. For rural areas, the surcharge is 3%. These charges are calculated on stamp duty cost and not property value.

Conclusion

Since the stamp duty rates are not set, they are calibrated occasionally. There are no set deadlines for the Karnataka government to alter these fees, though. The State government often makes annual revisions. These fees are the same for both men and women in Bangalore unlike in other states.

These fees largely depend on the property’s current market value, the growth of the city, and the performance of the real estate market. Before signing a deal for the property calculate the stamp duty and the registration charges as well.

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