Stamp duty charges in Nagpur
Located in the north-eastern part of Maharashtra, Nagpur is famous for its flat tablelands and black fertile soil, which is perfect for the cultivation of oranges. It has also become a popular destination for those who are relocating for employment opportunities. If you are planning to buy a property in Nagpur, know that over and above the guidance value of the property, you will also be required to pay stamp duty and registration charges.
What are the stamp duty charges in Nagpur?
To give a push to the slumping real estate market in Nagpur, the Maharashtra government had reduced the stamp duty charges by one per cent. Currently, both males, as well as females, are required to pay 6% of a property's value as stamp duty charges. This includes 4% stamp duty, 1% local body tax, and 1% transport surcharge. However, these charges are valid only until April 1, 2022. From April 1, 2022, the stamp duty charges will increase to 7% of the total value of a property.
What are some of the factors that determine stamp duty charges in Nagpur?
Here we discuss some of the factors that determine stamp duty charges in Nagpur.
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 than what is levied on fresh constructions.
Age of the Owner
Senior citizens in Nagpur are required to pay lower stamp duty than individuals who are younger and have a higher spending capacity.
Type of Property
In general, commercial properties attract higher stamp duty than residential properties, as the business potential attached to such properties is exponentially higher.
Location of Property
Properties located in the city centre are more expensive, and therefore, attract higher stamp duty than properties located on the outskirts or suburban locations.
Buildings with a higher number of amenities draw higher stamp duty than buildings with a lesser number of amenities.
How are property registration charges calculated in Nagpur?
Calculating registration charges while buying a property in Nagpur is quite easy. For all properties valued at Rs. 30 lakh and above, one must pay 1% of the total value of a property as registration charges. For properties valued less than Rs. 30 lakh, one must pay Rs. 30,000 as the standard registration fee.
How is stamp duty calculated in Nagpur?
Both men and women are required to pay the same amount of stamp duty charges in Nagpur. If you are buying a property right now, you must pay 6% of the total value of the property as stamp duty, which means that if you are buying a property worth Rs. 1 crore, you must pay Rs. 6 lakh as stamp duty. However, if you buy this property after April 1, 2022, you will have to pay Rs. 7 lakh as stamp duty.
For better computation, you can consider using the Bajaj Finance Limited Stamp Duty Calculator, to avoid clerical errors.
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