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

Stamp duty rates in Navi mumbai

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Note : Stamp Duty Concession implemented after Corona lockdown has been withdrawn by govt on 1st April 2021. Click this link for more information.

After Panvel Municipal Council became a full fledged Municipal Corporation in Sept 2016, more than 29 villages and areas previously under Panvel Municipal Council now come directly under Panvel Municipal Corporation. LBT of 1% is applicable in all Municipal Corporation Areas Except Mumbai (Nagpur Stamp duty is 6.5%).

Kharghar, Kamothe, Kalamboli, and New Panvel nodes also now come under the Panvel Municipal Corporation hence the Stamp Duty rates for property purchase and sale transactions has gone up to 6% from the earlier 5%.

Stamp Duty for Ulwe is also 6%

Other than these, there are 29 villages also which will pay the increased Stamp Duty rates of 6%The following areas will now have to pay 6% Stamp Duty:
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 Duty Rounding off

If Stamp Duty amount payable is coming to Rs 10,049 then it will be rounded off to 10,000 only. Rupees 49 will not be considered. If Stamp Duty amount payable is coming to Rs 10,051 then the Stamp Duty payable will be rounded off to 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.

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

Other than this, on the resale of property, one can avail  Depreciation ranging from 10% to 70% on the Ready Reckoner value of the Flat..but there is a catch……
First the Ready Reckoner value of the flat/house/land has to be calculated, then the depreciation % (घसारा) has to be subtracted from that. The result of that has to be compared against the actual price/cost of the flat mentioned in the sale agreement/sale deed. Whichever value is higher, that will be the rate on which stamp duty and registration is calculated.

So there is no real benefit unless the agreement value/actual value is significantly lower or equal to the Ready Reckoner Value…which is a small possibility cause nobody sells their property at lesser value at the Ready Reckoner Value.

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

CONTACT US

Contact AddressSky Properties,
A-1, 7/2, Sneh Co Op Society, Plot No 16, Sector 19a, Nerul, Navi Mumbai, Maharashtra 400706
Email[email protected]
Mobile9987452642
Services ProvidedBuying and Selling of property in Navi Mumbai
Registration
Sale Agreement
Sale Deed
Stamp Duty Payment
CIDCO Transfer
Society Formation
Society Conveyance
Tripartite Agreement (For Plots)
Consultancy
Due Diligence
Real Estate Services Provided by Sky Properties

By Mayur

Mayur is a real estate professional based in Navi Mumbai for the past 20 years. His expertise in real estate includes every sphere of the real estate sector in Navi Mumbai. He can be reached on 9987452642

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