Property buying involves various costs, including stamp duty, registration charges and other expenses. It is a huge decision for most families. Hence, it is essential to be aware of all the details regarding registry charges in Gujarat. The stamp duty and registration charges in Gujarat are competitive with those in other cities, making it an attractive area for investors, entrepreneurs, and homeowners to acquire property.
Stamp duty refers to the fee paid to the state government when a property transaction is completed. It is calculated based on the property’s market value or the agreed-upon value, whichever is higher.
Stamp duty and registration charges
The stamp duty in Gujarat on property transactions is 4.9%. However, if a woman acquires the property, the stamp duty is reduced to 3.9%. The final duty to be paid is often rounded off, which may result in a lower or higher amount of stamp duty being paid. Suppose you buy a property in Gujarat with a market value of Rs. 50 lakh. The stamp duty is Rs. 2.45 lakh (4.9% of Rs. 50 lakh).
Similarly, if you are buying a property for Rs. 60 lakh, but the agreement value is Rs. 50 lakh, the stamp duty will still be calculated based on the market value of Rs. 60 lakh. Registration charges are another fee you must pay when registering a property. In Gujarat, the fee is 1% of the market value or the agreement value, whichever is higher, and is payable when registering the property with the relevant authorities.
The state’s stamp duty and registration charges are 4.9% + 1%, i.e., 5.9% for males and 3.9% + 1%, i.e., 4.9% for females. Apart from the above, some miscellaneous registry charges in Gujarat may be applicable, including fees for copies of documents and other similar charges.
What amount is stamp duty payable?
The stamp duty rates in Gujarat for any property are payable on the “Jantri value” or the agreement value, whichever is higher. If the agreement value is lower than the Jantri price, the stamp duty and registration charges must be paid based on the Jantri price, even though the agreement can be completed at the agreed-upon value.
Registration procedure
To register under RERA Gujarat, visit the official RERA website, click on the ‘Project Registration’ option, and select the promoter type: Individual, Society, Company, Partnership, LLP, Trust, or HUF. Type your email address, click Next, and then enter your PAN, email address, contact number, and company registration number.
Enter project details from the RERA number to the authorised signatory. Enter the project start date, land cost, total cost, description of the project, etc. Type area development details as required. Fill in the account details, such as the branch name and IFSC code. If you are an agent, please enter your agent registration details and name. Upload the documents and pay online according to the stamp duty and registration charges in Gujarat.
Conclusion
Property buyers and sellers should be aware that stamp duty and registration charges are mandatory fees. The state government fixes them, which must be paid during the property transaction.