Stamp Duty Charges Mumbai and Registration Charges

Stamp Duty Charges Mumbai:-

Mumbai is also recognized as India’s commercial capital due to its commercial brilliance and economic prominence. Mumbai’s real estate and property market has turned into a sought-after real estate investment destination as a result of its economic strength. In Mumbai, money from stamp duty and registration fees contribute significantly to the state exchequer.

When a property is sold, the buyer is required to pay the State government the necessary stamp duty and registration fees. The payment of stamp duty in Mumbai 2023 guarantees that the property is properly registered in government records. The Maharashtra government sets the stamp duty prices in Mumbai. When the market is slow or demand is low, the State government lowers stamp duty costs in order to increase property registrations in Mumbai.

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Latest News: Stamp Duty in Mumbai and Registration Charges

Stamp Duty in Mumbai 2023: Govt Proposes Amnesty Scheme to Resolve Stamp Duty-Disputes.

Oct 2023:- The Mumbai Department of Registration and Stamp Duty has suggested an amnesty plan worth Rs 2,900 crore to settle stamp duty-related problems.

More on the proposed scheme:-

The proposal would waive both the penalty and the stamp duty amount.
With this initiative, the Maharashtra government hopes to collect at least Rs 500 crore.
It would be introduced in two three-month phases to expedite the recovery process.
The plan will aid in resolving long-standing disagreements between citizens and the government over the gap between the actual amount of stamp duty paid and the amount calculated by auditors.
The government intends to encourage residents to resolve their issues by granting a substantial waiver on the penalty amount.
The amnesty program will assist the state by recouping lost money and bringing relief to residents who have been involved in disputes for years.

Stamp Duty Charges in Mumbai

The stamp duty costs in Mumbai are set by the state government. Male and female homeowners in Mumbai pay separate stamp duties. Until recently, stamp duty payments in Mumbai were 5% for male buyers and 4% for female buyers.

However, in April 2022, the Maharashtra government agreed to collect a 1% metro cess in four Maharashtra cities. These are the cities of Mumbai, Pune, Nagpur, and Thane.

The stamp duty in Mumbai can be summarized as below:-

Stamp Duty Charges in Mumbai
Category	Stamp Duty in Mumbai
Male	6 percent (5 Percent Stamp Duty + 1 Percent Metro Cess)
Female	5 Percent (4 Percent Stamp Duty + 1 Percent Metro Cess)
Joint (Male+Female)	6.5 Percent

The following are the registration charges in Mumbai:-

Registration Charges in Mumbai
Category	Registration in Mumbai
Male	For property transactions above Rs 30 lakh:- Rs 30,000 For Property transactions below Rs 30 lakh:- 1 percent of the property value
Female
Joint (Male+Female)

Stamp Duty Charges on Different Deeds

The following are the stamp duty costs on various deeds:-

Instrument	Stamp Duty Charges
Power of Attorney (PoA)	5 Percent for properties within municipal limits, 3 per cent for properties within Gram Panchayat
Lease Agreement	5 Percent
Gift Deed	3 Percent
Gift Deed (Within family)	Rs 200

Pay Registration Charges and Stamp Duty

Once the stamp duty has been calculated, it may be paid online using the Government Receipt Accounting System (GRAS) system of the IGR Maharashtra website. Alternatively, you can pay the necessary costs through IGR Maharashtra. The buyer of the property can make payments both online and offline. Follow the steps below to pay stamp duty and registration fees online:-

Visit the official website i.e. https://gras.mahakosh.gov.in/igr/nextpage.php
On the homepage, click on the IGR or Inspector General of Registration option.
Then, click the Pay without registration button (If you are an unregistered user).
After that, choose an option on your requirements and fill in the details.
Then select the payment you need to make:-
- Only stamp duty charges
- Only registration charges
Both stamp duty and registration charges
After that, select the relevant district (In this case, Mumbai), the sub-registrar office, and the type of document to be registered.
Then fill in the applicable amount.
- The property registration fee is 1% of the consideration value mentioned in the document (Capped at Rs 30,000)
Then, enter the key details of the concerned property and the parties involved Buyer, and seller.
Finally, choose the payment mode. such as Credit/ Debit cards and internet banking.
Those unfamiliar with online payments can generate a challan through this IGR portal and pay at selected bank branches via cash or bank cheque.
Lastly, hit the Proceed button.

Check Ready Reckoner Rates Online in Mumbai

The IGR Maharashtra website allows visitors to view the most recent ready reckoner prices in Mumbai. The Maharashtra government announces ready reckoner rates (RRR). The Ready Reckoner Rates are the interest rates below which no property transactions can take place in a certain location. The Maharashtra government revises RRR tariffs on a regular basis. Here is a complete procedure for checking ready reckoner rates on IGR Maharashtra online:-

Visit the IGR Maharashtra i.e. www.igrmaharashtra.gov.in/frmHOME.aspx.
Click on the E-ASR and Process tabs.
On the map, choose the concerned district (Mumbai here) for which you wish to know the Ready Reckoner Rates.
Here, you will see two options for Mumbai viz Mumbai City or Mumbai Suburb.
Choose the district (Mumbai in this case).
Then, select the Taluka and Village and the Assessment Type, Range.
The ready reckoner rates will displayed on your screen.

Is Stamp Duty Required on Old Documents?

The collector can recall property records to examine if the stamp duty paid is correct, according to the Maharashtra Stamp Act; however, this can only be done within ten years of the registration date.

Furthermore, the Bombay High Court recently ruled that stamp duty on unstamped documents may not be recovered at a future sale. Furthermore, if the stamp duty is collected within ten years, it must be calculated using the prevailing market rate at the time the transaction was completed.

Other New Updates on Stamp Duty

Online Property Registration in Mumbai to Become Costlier from 7th August 2023

The property registration department has declared that online property registration in Mumbai will now be more expensive beginning in August 2023. The rates will rise beginning August 7, 2023. To present, the agency has provided free online property registration services.

However, the government is now required to charge the following fees to customers who register a property online. The e-registration process would cost the consumers Rs 1,000. There will also be a Rs 300 cost for the e-filing service, as well as a Rs 300 fee for the leave and license agreement. These fees will be charged to users as documentation fees.

Almost all reputable builders offered this service to home purchasers in order to limit the number of persons queuing at the registration office, notably during COVID-19. Furthermore, according to the Chairman of the Builders Association of India, the fees placed on the e-registration procedure would have little impact because purchasers would rather pay a small cost than wait in queue for many hours at the registration office.

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Bhu Naksha Maharashtra 2023: mahabhunakasha.mahabhumi.gov.in