Stamp duty charges in Noida
New Okhla Industrial Development Authority or Noida is the satellite city of Delhi and a prominent landmark in the National Capital Region (NCR). In 2015, Noida was given the title of the best city in Uttar Pradesh. If you are planning an investment in Noida, know that you must pay stamp duty and registration charges to the state government, above the costs you will bear for your property purchase.
Stamp duty and property registration charges in Noida
The state government charges 7% of a property's value as stamp duty in Noida. However, women are eligible for some rebates. If a property is in the name of a female member of the family, one must pay 7% of the total value of the property minus Rs. 10,000 as stamp duty. Similarly, if a property is jointly owned by a male and a female member of the family, owners must pay 7% of the total value of the property minus Rs. 10,000 as stamp duty.
Factors that govern stamp duty charges in Noida
The following factors play a role in determining the stamp duty charges in Noida.
Age of the Property
Stamp duty charges are directly proportional to the value of a property. Since older properties are lower in value, they attract lower stamp duty and vice versa. However, if you buy a new construction, you will be made to pay a higher rate of stamp duty.
Age of the Owner
Senior citizens in Noida are required to pay lower stamp duty than those buyers who are younger and have a longer work tenure ahead of them.
Gender of the Owner
In Noida, the state government gives certain exemptions to women homeowners. Women are required to pay lower stamp duty charges than men.
Type of Property
Commercial properties attract higher stamp duty than residential properties.
Location of Property
Properties located in city centre city are expensive and therefore, attract high stamp duty, as opposed to those that are located in the outskirts or ring-road areas of the city.
Buildings with a higher number of amenities, such as a swimming pool, gym, etc., draw higher stamp duty than buildings with basic amenities.
How are property registration charges calculated in Noida?
It is quite easy to calculate property registration charges in Noida. The state government charges 1% of the property value as registration charges. These charges remain the same for everyone and do not vary based on gender. Thus, whether you are a male or a female, if you are buying a property worth a crore, you will be required to pay Rs. 1 lakh as registration charges in Noida.
How Is stamp duty calculated in Noida?
As mentioned before, the state government charges 7% of the guidance value of the property as stamp duty. Thus, if you are planning to buy a property worth Rs. 7 crores, you will be required to pay Rs. 7 lakh as stamp duty charges in Noida. However, women get some exemptions. If a woman buys a property worth Rs. 1 Crore in Noida, she will have to pay 7% of the guidance value minus Rs. 10,000. Thus, in this case, she will have to pay Rs. 6,90,000 as stamp duty.
If you are not sure of how to calculate stamp duty and registration charges in Noida, you can always use a stamp duty calculator to make your life easier. Further, if you are planning to invest in Noida and need a home loan to give wings to your dream, choose Bajaj Housing Finance as your home loan partner.
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