Do you plan to buy a home in Pune? Make sure to not just factor in the property value but also the stamp duty and registration charges in Pune to determine the total cost of investment.

Update: Recently, the Maharashtra government has announced one percent rebate in stamp duty if a property is transferred only in a woman's name. All women homebuyers in Pune will have to pay four percent as stamp duty. This rebate is not applicable to joint owners (Male and Female). 

Earlier, to boost the stagnant real estate market hit by COVID-19, the Maharashtra government reduced the stamp duty on properties from five percent to two percent until December 31, 2020. Post-December 2020, the government levied three percent stamp duty on residential properties until March 31, 2021.  However,  that stamp duty was reverted to five percent

A home purchase process is incomplete until it is documented and registered in the name of the buyer. Registering a property is crucial as it protects the owner’s interest and safeguards the ‘property title’ in case of conflicts and frauds. Moreover, the registration of a property in a sub-registrar's office along with the payment of stamp duty and registration charges is also essential to authorise the legal transfer of ownership.

The stamp duty and registration charges form a crucial part of the State’s revenue; hence the State governments may increase or decrease the rates from time to time. Here is a breakup of the current stamp duty rates and registration charges in Pune.

Stamp duty and registration charges in Pune

Gender

Stamp Duty rates

Registration charges

Male

6% (Stamp duty 5% + Local Body Tax (LBT) 1%)

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value. 

Female

5% (Stamp duty 4% + Local Body Tax (LBT) 1%)

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value. 

Joint (Male + Female)

6% (Stamp duty 5% + Local Body Tax (LBT) 1%)

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

Joint (Male + Male)

6% (Stamp duty 5% + Local Body Tax (LBT) 1%)

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

Joint (Female + Female)

5% (Stamp duty 4% + Local Body Tax (LBT) 1%)

For properties above Rs 30 lakh - Rs 30,000.

For properties below Rs 30 lakh - 1% of the property value.

 

 

Source: IGR Maharashtra 

Note: The stamp duty and registration charges in Pune are applicable on Ready Reckoner Rate (RRR).

For example: If you purchased a property worth Rs 40 lakh, then following will be the breakup of property registration charges in Pune:

Stamp duty @5percent - Rs 2,00,000

LBT @1 percent - Rs 40,000

Registration charges - Rs 30,000

The total amount payable will be Rs 2.7 lakh.

How can I pay stamp duty in Pune?

There are three ways in which you can pay stamp duty and registration charges in Pune -

Franking: In this procedure, you have to deposit the agreement details of the property along with the stamp duty and registration charges in the bank authorised to carry out the franking transactions. Franking is the process to stamp the property documents. Generally, banks affix a denomination to the document, which acts as evidence that the buyer has paid the stamp duty for the transaction. However, banks charge a fee for this transaction known as franking charges.

Non-judicial stamp paper: You can also pay the taxes via licensed vendors. Purchase a non-judicial stamp paper from a licensed vendor, print all the agreement related details on the paper and deposit it in the Department of Registration and Stamps along with the stamp duty and registration charges.

E-stamping: To ensure a hassle-free and transparent way of paying stamp duty and registration charges, the Maharashtra government has facilitated an online payment portal. The online process is simple, transparent, efficient, and evades frauds.

  • To access the online portal, visit www.gras.mahakosh.gov.in
  • Enter the login details if already registered. In case you are a new user, click on new user registration and create login details.
  • Enter all the details and select the location of the property.
  • Once all the details are entered, choose a payment gateway. All the nationalised banks are listed on the website.
  • Select the bank and make the payment. Also, print the payment receipt for future reference.