{"id":799,"date":"2021-07-09T12:15:27","date_gmt":"2021-07-09T12:15:27","guid":{"rendered":"https:\/\/www.homebazaar.com\/knowledge\/?p=799"},"modified":"2025-01-08T13:05:02","modified_gmt":"2025-01-08T13:05:02","slug":"stamp-duty-charges-online-payment-procedure-in-mumbai-maharashtra","status":"publish","type":"post","link":"https:\/\/www.homebazaar.com\/knowledge\/stamp-duty-charges-online-payment-procedure-in-mumbai-maharashtra\/","title":{"rendered":"Stamp Duty Charges & Online Payment Procedure In Mumbai, Maharashtra"},"content":{"rendered":"

Stamp Duty is a one-time property tax that needs to be paid while buying a property. It is levied by the state government when a property is transferred from the seller to the buyer.\u00a0<\/span><\/p>\n

In more technical terms, Stamp duty is a state levy imposed on the agreement document executed between the seller and the buyer which is registered at the registrar.\u00a0<\/span><\/p>\n

The stamp duty is payable under the Indian Stamp Act 1899, but the responsibility for setting up the stamp duty is shared between the Central and State Governments. Therefore, the stamp duty charges in Mumbai are payable under the Maharashtra Stamp Act 1958 and are governed by the state government.\u00a0<\/span><\/p>\n

Since stamp duty is one of the important legal aspects of the property buying process<\/a> it is beneficial to have detailed information.<\/span><\/p>\n

Why Stamp Duty Is Important?<\/b><\/h2>\n

The stamp duty is applicable in all types of property transactions whether it be residential, commercial, or land.\u00a0<\/span><\/p>\n

The Stamp duty is important in the real estate translation because-<\/span><\/p>\n

    \n
  • Only after paying the stamp duty would you become a legal property owner.\u00a0<\/span><\/li>\n
  • The receipt of acknowledgment of the stamp duty is considered proof of ownership.\u00a0<\/span><\/li>\n
  • The stamp duty rates influence your overall buying budget.\u00a0<\/span><\/li>\n<\/ul>\n

    Factors Affecting Stamp Duty Charges<\/b><\/h2>\n

    Stamp duty is a one-time charge paid during real estate transactions. Stamp duty depends on various factors such as<\/span><\/p>\n

      \n
    • The Market Value Of The Property<\/li>\n
    • Location<\/li>\n
    • Gender Of The Buyer<\/li>\n<\/ul>\n

      The Market Value Of The Property<\/b><\/p>\n

      The stamp duty is always charged as a percentage of the market value of the property. In Mumbai, the stamp duty charges are 5% of the market value of the property.\u00a0<\/span><\/p>\n

      For instance, If the Market Value Of the property is 1 crore, then the stamp duty charged in the case will be Rs. 5 Lakh.\u00a0<\/span><\/p>\n

      However, if the agreement value is more than that of the market value, in such cases the stamp duty will be charged on the agreement value. We will have an example covering how exactly the stamp duty charges are applied.\u00a0<\/span><\/p>\n

      Remember, the Market Value is the price at which the home can be sold in the open market under normal conditions. It is the standard price at which the buyer is willing to accept considering all the important factors. To calculate the market Value a R<\/span>eady Reckoner Rate (RRR) is used which is published by the state government. It varies from one location to the other, and no transaction takes place below this mark.<\/span><\/p>\n

      Location<\/b><\/p>\n

      Location is one of the important factors that decide the exact percent of the market value charged as stamp duty. Depending on the jurisdiction of the location the stamp duty varies. In Mumbai,\u00a0 there are different stamp duty charges for the localities within the municipal limits, areas within MMRDA, and within gram panchayat limits.\u00a0<\/span><\/p>\n

      The registration charges in all the localities are 1% of the market value of the property.<\/span><\/p>\n

      \n\n\n\n\t\n\n\t\n\t\n\t
      Locality <\/th>Stamp Duty Charges<\/th>\n<\/tr>\n<\/thead>\n
      Inside Municipal Limits<\/td>6% Of Market Value of the Property<\/td>\n<\/tr>\n
      Within MMRDA<\/td>4% Of Market Value of the Property<\/td>\n<\/tr>\n
      Gram Panchayats<\/td>3% Of Market Value of the Property<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/b><\/p>\n

      Gender Of the Buyer<\/b><\/p>\n

      Most of them charge less percentage of Stamp Duty if the property is owned by a female.\u00a0 The intention is to promote the security of independent women.\u00a0 For example, in Mumbai, the stamp duty charges for women are 1% less than that for male property buyers.\u00a0<\/span><\/p>\n

      \n\n\n\n\t\n\n\t
      <\/td>For Male<\/th>For Female<\/th>\n<\/tr>\n<\/thead>\n
      Stamp Duty Charges In Mumbai<\/td>6% Of the Market Value <\/td>5% Of the Market Value <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/b><\/p>\n

      Some states even have more than a 1% discount on stamp duty charges for women.<\/span><\/p>\n

      Registration Charges In Mumbai:<\/strong><\/h4>\n

      Stamp Duty and Registration charges are different. But both can be paid online at one time.<\/p>\n

      Registration charges depend on the market value of the property. And calculated as a percentage of the market value of the property.<\/p>\n\n\n\n\n\t\n\n\t\n\t
      Property Type<\/th>Registration Charges<\/th>\n<\/tr>\n<\/thead>\n
      For Properties With the Market Value More than 30Lakh<\/td>Rs30,000<\/td>\n<\/tr>\n
      For Properties With the Market Value Less than 30Lakh<\/td>1% of The Market Value of the Property<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

      How Stamp Duty Charges are Calculated?<\/b><\/h2>\n

      Market value is the base for calculating the Stamp Duty Charges.\u00a0<\/span><\/p>\n

      And to calculate the market value we need to consider the official Ready Reckoner Rate (RRR)<\/span><\/p>\n

      So, consider this example:<\/p>\n\n\n\n\n\t\n\t\n\t\n\t
      Location<\/td>Andheri <\/td>\n<\/tr>\n
      Unit<\/td>1 BHK<\/td>\n<\/tr>\n
      Area<\/td>600 sq ft
      \n<\/td>\n<\/tr>\n
      Rate<\/td>2300 per sq ft<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

      So the market value will be:\u00a0<\/span><\/p>\n

      Market Value:\u00a0 550 X 23000 =\u00a0 Rs. 1,26,50000<\/span><\/p>\n

      This is the minimum selling price. If the deal is closed for let’s say Rs. 1,50,00000.\u00a0<\/span><\/p>\n

      Then, The the agreement value = Rs. 1,50,0000<\/span><\/p>\n

      Now the Stamp Duty is charged on the basis of Market Value or Agreement Value whichever is higher.\u00a0<\/span><\/p>\n

      In this case, the agreement value is more. <\/span>Therefore:<\/span><\/p>\n

      Stamp Duty<\/b>: 5 % of Agreement Value = 5 % Of 1,50,0000 = Rs. 750000<\/span><\/p>\n

      Registration Charges:<\/b> Rs. 30000 (As the market value is more than 30 Lakh)<\/span><\/p>\n

      \n\n\n\n\t\n\n\t
      Specifications<\/th>Stamp Duty Charges For Male<\/th>Stamp Duty Charges
      \nFor Female
      \n<\/th>\n<\/tr>\n<\/thead>\n
      Location: Andheri
      \n
      \nRate: 2300\/ Sq Ft
      \n
      \nUnit: 1 BHK
      \n
      \nMarket Value: 1,26,50000
      \n
      \nAgreement value: 1,50,00000
      \n<\/td>      		5% of Agreement Value
      \n
      \n = 750000<\/td>      		4% of Agreement Value
      \n
      \n= 600000
      \n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/span><\/p>\n

      When To Pay The Stamp Duty?\u00a0<\/b><\/h2>\n

      After the sales deed is processed, the stamp duty must be paid by the buyer.\u00a0<\/span><\/p>\n

      Thus, the stamp duty can be paid-<\/span><\/p>\n