Buying a Property? Know the Stamp duty and registration charges
4 min readThe Government of Karnataka has cut down the stamp duty charges levied while purchasing a property either land or flats in the State by 3 percent. With this announcement, properties less than Rs.20 lakh will attract 2% stamp duty from April 2020. All the Properties above Rs.20 lakh will be charged at 5% as earlier. No changes on charges have been announced for registration.
If you are planning to buy a property in Bangalore and have a set budget, you must consider the amount you will need to pay for getting your property registered. As per the ongoing rates, you are required to pay 5 percent of the total or registered property value (above Rs.20 lakh) as stamp duty and 1 per cent of the total or registered property value as registration fees in Bangalore.
Stamp Duty and Registration Charges in Bengaluru
| Gender | Stamp Duty rates | Registration Charges |
| Male | 5% on properties above Rs.20 lakh 2% on properties less than Rs.20 lakh | 1% of the property value |
| Female | 5% on properties above Rs.20 lakh 2% on properties less than Rs.20 lakh | 1% of the property value |
| Joint (Male + Female) | 5% on properties above Rs.20 lakh 2% on properties less than Rs.20 lakh | 1% of the property value |
| Joint (Male + Male) | 5% on properties above Rs.20 lakh 2% on properties less than Rs.20 lakh | 1% of the property value |
| Joint (Female + Female) | 5% on properties above Rs.20 lakh 2% on properties less than Rs.20 lakh | 1% of the property value |
How much is stamp duty in Bangalore?
In addition to the above mentioned rates, there is 10% cess and 2% surcharge on stamp duty. In total, a buyer is liable to pay 5.6% stamp duty in urban areas. In areas under Gram Panchayat, the surcharge is 3% and thus the total stamp duty value is 5.65 per cent.
While stamp duty tax is levied by the state governments on the property, basis its market value, registration value is levied for registration of documents under Registration Act, 1908. These charges, although compulsory, vary from state to state depending upon city laws.
How the stamp duty is calculated in Bangalore?
To calculate the registration fee and Stamp duty, different standards are used for different property types. In Bangalore –
- For multi-storey apartments, the super built-up area is considered for calculation
- For plots, the sq ft area of the plot is multiplied by the prevailing guideline value of that area
- For independent houses, the total constructed area is considered
The stamp duty rates are not fixed and are bound to change from time to time. However, there are no fixed timelines for these charges to be revised by the Karnataka government. Most of the times the state government revises them annually. These charges, are mostly dependent upon the prevailing market rate of the property, expansion of city limits and property market performance.
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Source: 99acres
