Stamp Duty Rates increase in Kharghar, Kamothe, Kalamboli, and New Panvel

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Important Update: The Government has withdrawn the Stamp Duty Concession that was implemented after the Corona lockdown. This change took effect on 1st April 2021. For more information on the current Stamp Duty rates in Maharashtra, you can visit this link.

Since September 2016, Panvel Municipal Council has become a Municipal Corporation, encompassing more than 29 villages and areas. However, Mumbai is exempt from the 1% Local Body Tax (LBT), while Nagpur has a LBT of 6.5%. In addition, the Stamp Duty rate for property transactions within the Panvel Municipal Corporation has increased from 5% to 6%.

Stamp Duty for Ulwe is also 6%

The following areas will now have to pay a higher Stamp Duty rate of 6%: Kharghar, Taloja Panchnand, Kalundre, Owe, Kamothe, Chal, Navde, Devicha pada, Tondhare, Pendhar, Kalamboli, Khidukpada, Roadpali, Padghe, Walvli, Pale Khurd, Tembhode, Asudgaon, Bid, Adivali, Rohinjan, Dhansar, Karvale Budruk, Pisarve, Turbhe, Nagzari, Taloje Majkur, Ghot, and Koynavele.

Points to note while paying Stamp Duty

Stamp Paper Validity

In Maharashtra, stamp paper is valid for 6 months from the date of purchase. This means that any agreement written on the stamp paper must be signed by all parties within 6 months. After signing, you have an additional 4 months to register the agreement.

Stamp paper registration time limit

Stamp paper with signatures of all people required is supposed to be registered within 4 months from date of the signatures. If there is delay, penalty of 10 times the registration fees can be charged by the Registrar.

Part registration

If not everyone can be present on the same day, the registration can be done with just one person who is signing the agreement. Then, the others can come within 4 months to re-register the document.

Stamp Duty Rounding off

When the Stamp Duty amount payable is Rs 10,049, it will be rounded down to Rs 10,000. If the Stamp Duty amount payable is Rs 10,051, it will be rounded up to Rs 10,100.

Stamp Duty and Registration Charge on Sale Deed (after sale agreement)

Registration and Stamp Duty charge for Sale Deed (not sale agreement) is Rs 100 only and can be paid at the Registration office itself on the day of Registration. Stamp Paper of Rs 100 can be used for the same.

Stamp duty and Registration on Lease of Agricultural Land in Maharashtra

To calculate the Stamp Duty on the lease of agricultural land, you can follow these steps:

Determine the market value (Ready Reckoner Value of the land).
Divide the Ready Reckoner value by 10.
Multiply the result with the number of Gunthas.
- This should give you the Market Value of the Land to be leased.
  Note: Current Market value of Land in villages surrounding Navi Mumbai Municipal areas is approx Rs 4.5 lakh rupees per Guntha (100 sq meters)
Deduct 10% from the total market value.
5% of this amount will be your Stamp Duty.
Additionally, there is a registration fee of 1%, up to a maximum of Rs 30,000, that is applicable regardless of the Market Value Amount.

Depreciation (घसारा) on Stamp Duty : How to calculate Depreciation ?

When it comes to selling property, there is a possibility of getting a depreciation ranging from 10% to 70% on the Ready Reckoner value of the property. However, there’s a catch. The Ready Reckoner value needs to be calculated and then the depreciation percentage has to be subtracted from it. This resulting value is compared to the actual price of the property mentioned in the sale agreement. The higher value between the two is used to calculate the stamp duty and registration fees. In reality, it is unlikely that the agreement value will be lower or equal to the Ready Reckoner value, so the potential benefit of depreciation may not be substantial.

Method to Calculate the Depreciation of Row Houses :

Sale Price Mentioned in the agreement
– (minus/subtract) The Ready Reckoner Price of the Plot of land on which the Row House Stands
– (minus/Subtract) 30%
+ (Add) Ready Reckoner Price of the Plot of Land.

Other than this, CIDCO Transfer (NOC) charges are to be paid to CIDCO if the property/land/flat or any real estate is being purchased in areas managed by CIDCO (From Airoli to Panvel).

For more information on CIDCO transfer charges click this link