Every State government in India charges a tax on property transfer, referred to as stamp duty. These stamp duty charges differ as per the location, property type, and ownership title. As per the latest announcement, the stamp duty in Thane has enlarged by one percent as the government is set to charge an additional percentage as metro cess on property purchases, effective from April 1, 2022.
Homebuyers who are interested in purchasing property in thane will now be required to pay stamp duty fees equal to 7% of the property's worth. If a property is only transferred in the name of a woman, a one percent stamp duty rebate will be offered by the Maharashtra government in 2021. All female new projects in thane buyers would be required to pay 4% in stamp duty. Joint owners are not qualified for this reimbursement (Male and Female). For male owners, the stamp duty percentage will be determined at 7%. It will be estimated at 7% in the case of joint proprietors (Male + Male or Male + Female). But it will be determined at 6% in the case of female and joint female owners. The registration fee will be one percent of the property value if the value of the property is less than Rs 30 lakh.
Previous in March 2020, the Maharashtra government announced a one percent reduction in the stamp duty on properties under the Mumbai Metropolitan Region Development Authority (MMRDA) i.e., Thane, Navi Mumba, and Mumbai. Finding and choosing a home, setting up the funds, and signing the selling contract is just the beginning of the process. In fact, in order to finish the entire process of buying property in thane, one must also register the home so that it can be transferred legally into their name. It is crucial to contact the city's Stamp Duty and Registration Department for this. Home buyers who are willing to buy new projects in thane, or a 1 bhk flat in thane, must go to the sub-office registrars for the same.
Registration of the property establishes the buyer as the property's legal owner and safeguards them from any ensuing disputes. The stamp duty and registration costs must be paid in full at the registrar's office in order for the property registration procedure in Thane to be considered finished. These charges form a crucial part of the State government’s revenue, and hence, are charged on every property transaction effected in the State. The present stamp duty rates in Thane stand at seven percent (including 1 percent LBT and 1 percent Metro Cess). Hence, if you are planning to buy new projects in thane, it is authoritative to compute the stamp duty and registration charges to be aware of the total payout towards the home purchase. You can also calculate the stamp duty charges for a property via the “stamp duty calculator” tool. It avoids manual disturbance and analyzes the precise stamp duty payable on a property in a State. The conditions related to stamp duty and registration vary from one state to another.
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