Before buying a property you may have thought of a number of reasons and put your choices ahead of everything. Every demand would have been unique or exceptional and was considered important at the time of purchase. From decor to location, everything played an essential role in buying a property. But did you ever think of a crucial step that one has to get that done after buying the property? Known as Stamp duty and Registration, this is a legal document which is mandatory to follow after purchasing the property.
This Stamp duty is a simple one time charge that goes with the government. It is essential to pay as it provides us with a legal approval of our property. We register that on our name and provide security to our assets. It is like an eligibility process. Just like we have the legal authority of that property and now we can claim our right on it.
This is a kind of revenue that the government charges on the property purchased by us. This property can be commercial, residential or agriculture. It is applied on almost every kind of property. The rates of this charge or revenue are revised on yearly basis. They keep on fluctuating from time to time. These are based on surveys that happen across the Nation. Stamp duty rates also vary from region to region like there may be different charge in Delhi, Uttar Pradesh and Haryana, different in Maharashtra and again vary in South region from state to state. They are also named differently in different regions like in Tamil Nadu it is known as Guide line value, in Karnataka, it is known as Guidance value and in Gujrat, it is known as Jantri Guideline & accordingly it varies respectively.
Stamp duty is also known as Circle Rate in Tricity and it is again different for floors, flats and residential plots. Charges are also divided on the basis of elevation and easily available on the internet. Through this, the ultimate objective is to generate awareness in our clients and make others aware of it and its procedure.
No matter it is a step that is followed after buying the property but it definitely asks for a good lump sum of revenue. It is better to start planning for that since the day you plan to purchase your property. Your property is precious so you must be cautious of such procedures once you get into purchasing properties for yourself. In case if you are looking to buy property in Tricity, the rates are available online. Go check the stamp duty rates now and be a proud owner of a property in Tricity.
You can also self calculate the amount that is to be paid for the property through per square yard, per square metre calculation and refer the same with government notified value.
You can also refer to both Collector rate and Market rate for further clarification. These are the rates that we can consider while measuring the cost of our property. You have to check the rates accordingly and whichever rate is higher, you have to pay your stamp duty in respect to that. It also depends on locality to locality and market to market. SBP group suggests every person go through this at least once and be clear with everything to avoid problems in future.