What is the requirement to gather updates on property registration fees? Registration charges for the property are crucial information for anyone about to book a new property for themselves.
Generally, people acquire home loans to purchase a new property. If you’ve decided to take home loans, you should have knowledge about the revised Bangalore property registration charges.
The Government officials have again slashed the stamp duty fees, which are levied during purchasing a new property in Karnataka. In accordance with the announcement made by the Karnataka Government, a 3% stamp duty fee would be levied on property prices between 35-45 lakhs from now on.
And for those properties, which have a value of more than 45 lakhs, the stamp duty fee would be 5% like the. Furthermore, the officials haven’t declared any further changes regarding the registration charges.
Official registration charges and stamp duty fees in Bangalore
Below are the precise details about the registration and stamp duty fees. So, read the table carefully to grab knowledge about the revised charges.
|Registrar||Registration Charges||Stamp Duty Fee|
|Purchaser||The Bangalore property registration charges are around 1 percent of the total property value.||It is 5 percent for those properties which have a value above 45 lakhs.|
|Purchaser||The Bangalore property registration charges are around 1 percent of the total property value.||Properties value between 21 to 45 lakhs, the charges are 3%.|
|Purchaser||The Bangalore property registration charges are around 1 percent of the total property value.||Properties priced below 20 lakhs have 2% charges.|
Therefore, according to the official notification, the revised rate is for everyone, irrespective of gender. Joint purchasers even need to pay this flat fee during registering for the new property.
For instance, a joint purchaser (Male + Female) is liable to pay 5 percent or 3 percent or 2 percent stamp duty charges on property prices above 45 lakhs, 21 to 45 lakhs, and below 20 lakhs, respectively.
Similarly, joint buyers like two males or two females are also liable to pay these charges to the government.
More details about the stamp duty and Bangalore property registration charges
Apart from this Government charge, you are further liable to spend around 10% CESS and 2% Surcharge on the stamp duty.
Therefore, calculating the total charges, your liability will be a 5.6% charge (that you have to pay to buy a property price over 45 lakhs) stamp duty in the urban location.
Furthermore, for the areas under ‘Village Panchayat,’ the surcharge fee becomes higher (3 percent); therefore, for all total, you need to pay a 5.65% charge of stamp duty.
One thing you must know is that- the ‘Stamp Duty Fee’ is levied by the Karnataka Government, depending on the property’s market value. However, the registration fee is levied under the ‘Registration Act, 1908.’
Please visit https://igr.karnataka.gov.in/info-2/Fees/Stamp+Duty+and+Registration+Fees/en for complete details on charges.
What is the official process to calculate the stamp duty and Bangalore property registration charges?
You must follow the legit way to calculate the stamp duty available on the official website of the Karnataka Government. This website is made to allow people to analyze the accumulated stamp duty they are liable to pay.
Below are the process details, and you’re recommended to follow each step one by one without missing or skipping it to get a correctly calculated amount.
1: You need to open a secured browser like Chrome, Firefox, etc. After that, search for the ‘Kaveri Online Services Portal Stamp Duty Calculator page.’ You must check before entering the website whether it is an official website or a third-party calculator.
2: For the second step, you have to fill the blank area with proper credentials without leaving any section.
3: Bangalore property registration charges form, you are asked to give the ‘Nature of Document.’ You can provide it easily by selecting the drop-down menu and then choosing the document’s nature and proceeding.
4: Next, you have to fill the section such as Municipal corporation, City corporation, Gram Panchayat, BBMP, and Town Panchayat. Along with it, you must fill in the indicative market value (also known as guidance value) and considerable amount. Additionally, if you’re unaware of the market value of the property. You can seamlessly do that also by heading to the ‘Calculate Market Value’ option.
Step 5: After filling all the sections, you need to click on the ‘Calculate’ to get the accurate stamp duty charges calculation.
An overview of the types of locations considered to calculate the stamp duty on property in Bangalore
The accurate calculation of Bangalore property registration charges and stamp duty is done considering the types of property in Bangalore. There are different standards levied while calculating the stamp duty and registration charges for different property types, and those are-
- The super-built-up premises are taken while calculating the charges. This rule is only valid for multi-story accommodation.
- Those who are availing of the plot need to calculate the charges by multiplying the sq feet area and the prevailing market value of that zone.
- However, in the case of independent accommodation, the entire construction zone is taken to calculate the charge.
Note: There are no fixed charges for the stamp duty as well as this official fee is bound to change as time goes on.
Additionally, Karnataka Government’s revised charges have no specific timeline for the residents.
Oftentimes, the revision is done annually. It is the same for everyone, irrespective of gender (Unlike other states like Rajasthan and Haryana).
Along with this, you must know that the charges vary on the prevailing market value of the property, which is always changing.
More updates on the latest revision
In accordance with the updates on Bangalore property registration charges, during the meeting with the CVC (Central Valuation Committee), the representative of the community of the real estate sector urged to extend the existing scheme, giving around a 10% reduction.
The representatives have spoken with Government personnel and shown this proposal. Additionally, the reduction of 10% would be on the prevailing market value of the property- the proposal revealed.
Moreover, in that meeting, the Karnataka Government was requested to extend it for the upcoming 3 to 6 months. And following the Government notification, a 25% reduction has been approved on guidance value. This will be valid from January 2022 to 25th July 2022.
The charges follow the Stamp Act, which the Karnataka Government levied in 1997. The act was to cut down stamp duty on the price of the property between 35 and 45 lakhs.
Previously, people needed to pay 3% charges on the property price between this slash. However, now the charges have been raised by 2% more. The accumulated charge is 5% (excluding surcharge and CESS), along with 1% Bangalore property registration charges.
We hope you have gained immense knowledge about the revised stamp duty and registration charges. To grab more knowledge about real estate news and updates, read our blogs daily. Is the article insightful? You can leave your comment below.