Stamp duty charges in Faridabad
Given its proximity to Gurugram or Gurgaon, Faridabad is quickly transforming into a popular real estate hub. If you are planning to buy a property in Faridabad, read on to know about the stamp duty charges you will most likely have to pay.
What are the current stamp duty charges in Faridabad?
Stamp duty charges across the country vary between 4% and 8% of the total property value. In Faridabad, stamp duty charges depend on several different factors, with the gender of the owner being one of the most important ones.
In Faridabad, the state government charges different stamp duties from men and women. While men are supposed to pay 7% of the total transaction value as stamp duty, women are charged stamp duty at only 5%.
Critical factors that affect stamp duty charges in Faridabad
Gender of the owner
As mentioned before, the gender of the owner plays a key role in determining stamp duty charges in Faridabad. Women pay lower stamp duty charges in Faridabad than men.
Age of the property
Stamp duty charges depend on the value of the property. Since older properties are lower in value, they attract lower stamp duty and by the same logic, newer properties attract higher stamp duty.
Age of the owner
Senior citizens in Faridabad, much like everywhere else in India, are required to pay lower stamp duty than younger homebuyers.
Type of property
In general, commercial properties attract higher stamp duty than residential properties.
Location of property
Properties located in the centre of the city or other prime locations always attract higher stamp duty than properties located on the outskirts of Faridabad.
The higher the number of amenities in the building, the higher will be the stamp duty one must pay.
How are property registration charges calculated in Faridabad?
Both men and women must pay the same registration fee in Faridabad and the fee to be paid depends on the value of the property one is buying. For properties valued between Rs. 5 lakh and Rs. 10 lakh, the state government charges a flat Rs. 5000, and for properties valued between Rs. 10 lakh and Rs. 20 lakh, the registration fee increases to Rs. 10,000. For properties valued between Rs. 20 lakh and Rs. 25 lakh, one must pay Rs. 12,000 as a registration fee to the state government and for properties priced above Rs. 25 lakhs, the registration fee increases to Rs. 15,000.
How is stamp duty calculated in Faridabad?
Calculating stamp duty in Haryana is quite easy: men must pay 7% and women must pay 5% of the transaction value as stamp duty. However, if you are not sure how to calculate stamp duty charges in Faridabad, you can always use the stamp duty calculator. The calculator becomes even more useful if you are planning to take a home loan.
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