Frequently Asked Questions
What is stamp duty for women in Mumbai?
Women buyers in Mumbai get a concession on stamp duty. The rate is 5% for female buyers compared to 6% for male buyers. This applies to residential and commercial properties in Mumbai, Maharashtra.
What is the difference between Ready Reckoner value and Agreement value?
Ready Reckoner value is the minimum value set by the government for properties in different areas. Agreement value is the actual transaction price. Stamp duty is calculated on whichever is higher to prevent undervaluation.
How is registration fee calculated in Maharashtra?
Registration fee in Maharashtra is 1% of the property value up to ₹30 lakh. For properties above ₹30 lakh, the registration fee is capped at ₹30,000.
Are stamp duty rates same for residential and commercial properties?
In Mumbai, stamp duty rates are generally the same for residential and commercial properties - 6% for male/joint buyers and 5% for female buyers. However, specific exemptions or additional charges may apply based on property type and location.
What documents are needed for property registration in Mumbai?
Key documents include: Sale deed, Property card, NOC from society, PAN cards of buyer and seller, Aadhaar cards, passport size photos, and stamp duty payment receipt. Additional documents may be required based on property type.
Can I get exemption on stamp duty in Mumbai?
Yes, exemptions are available for certain categories like first-time women buyers, affordable housing schemes, and specific government programs. Consult with a property lawyer or registrar office for applicable exemptions.
What happens if I pay less stamp duty than required?
Paying insufficient stamp duty can lead to penalties, document being inadmissible in court, and additional charges. The registrar may ask for deficit stamp duty payment with penalty before registration.
How to find Ready Reckoner rates for my area in Mumbai?
Ready Reckoner rates are available on the Maharashtra government's IGR (Inspector General of Registration) website. You can search by district, taluka, and village to find current rates for your specific area in Mumbai.
Is stamp duty different for resale properties vs new properties?
Stamp duty rates are the same for both new and resale properties in Mumbai. However, the calculation base (Ready Reckoner vs Agreement value) and additional charges like GST (for new properties) may differ.
Can I pay stamp duty online in Mumbai?
Yes, Maharashtra has an online stamp duty payment system through the IGR website. You can pay stamp duty online and get e-stamp certificates, which are accepted for property registration.