Stamp Duty in Pune

Stamp Duty and Registration Charges in Pune

All You Need to Know About Stamp Duty in Pune

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Stamp Duty & Registration Charges in Pune

If you want to purchase a property, you have to pay stamp duty and registration charges according to the Registration Act. Stamp duty is a specified percentage of the property’s value that has to be paid for your property registration. The state government decides the stamp duty in Pune based on the Ready Reckoner Rate (RRR). The RRR, in turn,  is fixed after considering various variables, such as type of property, location, and more. These rates are revised and updated regularly.

 

Along with the stamp duty, you are also required to pay the registration charges, which again is a government-specified percentage of the property’s value. 

Remember, paying stamp duty and registration charges in Pune is mandatory, and non-payment can result in the imposition of fines and penalties. Besides, in the absence of getting your property registered by paying the requisite duty and charge, you don’t have a complete legal claim of your property. 

Stamp Duty & Registration Charges in Pune from April 1, 2021

To know about the stamp duty and registration charges in Pune from April 2021, you can refer to the table given below.

Gender of the property owner

Stamp duty

Registration charges

Male

6%

  • 1% of the value for properties below Rs. 30 Lakh

  • Rs. 30,000 for properties valued above Rs. 30 Lakh

Female 

5%

  • 1% of the value for properties below Rs. 30 Lakh

  • Rs. 30,000 for properties valued above Rs. 30 Lakh

Joint ownership (male and female)

6%

  • 1% of the value for properties below Rs. 30 Lakh

  • Rs. 30,000 for properties valued above Rs. 30 Lakh

Stamp Duty & Registration Charges in Pune from January 2021 to March 31, 2021

To have a complete understanding of the stamp duty and registration charges in Pune 2021, here’s a look at the charges between January 2021 and March 2021.

Gender of the property owner

Stamp duty

Registration charges

Male

3%

  • 1% of the value for properties below Rs. 30 Lakh

  • Rs. 30,000 for properties valued above Rs. 30 Lakh

Female 

3%

  • 1% of the value for properties below Rs. 30 Lakh

  • Rs. 30,000 for properties valued above Rs. 30 Lakh

Joint ownership 

3%

  • 1% of the value for properties below Rs. 30 Lakh

  • Rs. 30,000 for properties valued above Rs. 30 Lakh

How to Calculate Stamp Duty in Pune? 

The stamp duty in Pune is based on the Ready Reckoner Rate (RRR). According to the rules, the price of any property in the state cannot be lower than this rate. In the state of Maharashtra, the RRR is also known as the circle rate. 

 

The government revises the rates based on several factors, including the existing demand and supply for property/houses. 

 

To calculate the stamp duty in Pune, you must know the circle rate. Then, you need to multiply the circle rate with the area of your property. Finally, you can calculate the stamp duty in Pune as the specified percentage of the total property’s value. 

How Can I Pay Stamp Duty in Pune Online?

To pay the stamp duty online in Pune, you are required to follow the step given below:

 

  1. You must visit the Maharashtra government’s official web portal for paying stamp duty. Refer to the link: https://gras.mahakosh.gov.in/echallan/ 

  2. You must register yourself and provide then enter the details of your property in Pune, such as type of property, location, and so on.

  3. Now you can view the requisite stamp duty and registration charges in Pune. 

  4. You must now proceed to make an online payment by choosing the digital payment method of your choice.

  5. Upon successful payment, you can download the receipt.

Other Methods of Paying Stamp Duty in Pune

There are two other methods of paying your stamp duty in Pune, the Franking method and through non-judicial stamp paper. Here’s a look at both these methods to pay your stamp duty in Pune:

 

  • The Franking method: Here, you are required to deposit the property’s details along with the requisite stamp duty and registration charges to an authorised bank. The bank, after levying a fee known as the Franking fee, will stamp your property agreement papers. The Franking method acts as legal proof of having paid your stamp duty. 

  • Non-judicial stamp paper: Through this method, you are required to purchase a non-judicial stamp paper from an authorised vendor. Next, you must type the agreement details. You are then required to deposit the document and pay the required charges at the Pune Department of Registration and Stamps. You will then receive a receipt for having paid the stamp duty and registration charges in Pune. 

How to Pay Stamp Duty and Registration Charges Online?

To make a convenient payment for the stamp duty and registration charges in Pune, you can choose an online method. Here’s a step-by-step guide to help you understand the process: 

 

  1. You can visit the official web portal for paying your stamp duty and registration charge. The Government Receipt Accounting System (GRAS) portal of the Maharashtra government provides an online payment facility. You can visit the link: https://gras.mahakosh.gov.in/igr/frmIndex.php

  2. You can choose to register yourself or proceed with making a payment without registration.

  3. If you choose to register yourself, then you will be required to provide your personal details and log in to the portal. You can then select the area, property type, and more to know the circle rate and calculate the stamp duty. Next, you can make an online payment.

  4. If you choose to make a payment without registration, you must click on ‘Citizen’ and then select the option to register your document by making a payment.

  5. You can now view three options: payment of stamp duty, payment of registration fee and payment of stamp duty and registration charges. 

  6. Now you are required to provide details, including the department details, payment details, first-party details and payment mode. 

  7. You can now click on the option of ‘Proceed.’

  8. You will now be redirected to a payment gateway. You can now make a payment and download the receipt. 

Current Stamp Duty and Registration Charges in Pune

The state government of Maharashtra has recently updated the stamp duty and registration charges in Pune. To know the current stamp duty in Pune, you can refer to the table given below: 

Gender of the property owner

Current stamp duty in Pune

Current registration charges in Pune

Male owner

6% stamp duty

  • Properties valued more than Rs. 30 Lakhs: Rs. 30,000

  • Properties valued less than Rs. 30 Lakh: 1% of the property value

Female owner 

5% stamp duty

  • Properties valued more than Rs. 30 Lakhs: Rs. 30,000

  • Properties valued less than Rs. 30 Lakh: 1% of the property value

Male and female as joint owners

6% stamp duty

  • Properties valued more than Rs. 30 Lakhs: Rs. 30,000

  • Properties valued less than Rs. 30 Lakh: 1% of the property value

Female and female as joint owners

5% stamp duty

  • Properties valued more than Rs. 30 Lakhs: Rs. 30,000

  • Properties valued less than Rs. 30 Lakh: 1% of the property value

Male and male as joint owners 

6% stamp duty

  • Properties valued more than Rs. 30 Lakh: Rs. 30,000

  • Properties valued less than Rs. 30 Lakh: 1% of the property value

Stamp Duty for Property Registration for Women Homebuyers

To promote economic equality and provide impetus in the real estate sector, the state government of Maharashtra has notified a discount on stamp duty and registration charges for women homebuyers. According to the state government, if a property is transferred or registered in a woman’s name, a 1% concession on the stamp duty and registration charges can be availed. Thus, women buyers in Pune have to pay a stamp duty of 5% as against the 6% stamp duty on male house buyers. 

What is Ready Reckoner Rate?

The Ready Reckoner Rate (RRR) is regulated and fixed by the state government. To put it simply,  it is the standard pricing or value of a property based on factors, such as area, location, type of property, the market value of the property, and more. Any property can’t be sold at a rate that is lower than the RRR. This ready reckoner rate determines the stamp duty charges, which is up to 6% in Pune. 

 

Before you buy a property in Pune it is advisable to calculate the RRR beforehand. This is because the stamp duty and registration charges in Pune can significantly impact your total expenditure. 

 

For instance, if you are a woman homebuyer, and your property has the  Ready Reckoner Rate of Rs. 42,000 per square metre along with a carpet area of  400 square metres, the total value of your property will be Rs. 16,800,000. The stamp duty as 5% of the total property value will be Rs. 8,40,000. You will also be required to pay 1% of the property value or Rs. 1,68,000 as registration charges. 

Current Ready Reckoner Rate

Now that you know about the Ready Reckoner Rate (RRR) and its impact on stamp duty and registration charges in Pune, here’s a look at the current RRR in Pune. 

Property type

Current RRR in Pune

Residential apartments and flats

Between Rs. 8,010 and Rs. 1,47,730 per square metre

Residential plot or land

Between Rs. 1,33o and Rs. 1,98,350 per square metre

Space for offices 

Between Rs. 36,980 and Rs. 1,98,350 per square metre

Shops and commercial establishments

Between Rs. 41,530 and Rs. 1,111,600 per square metre

Conclusion

It is your moral as well as legal obligation to pay your stamp duty and other relevant charges at the time of registering your newly purchased property. But, these amounts can be quite huge at times. But, the good news is that you can cover these costs with the help of a home loan. You can avail housing loans online on Bajaj Markets.

FAQs on Stamp Duty in Pune

  • ✔️What is the current stamp duty in Pune?

    The current stamp duty in Pune is 6% for male home buyers and 5% for women purchasing properties/houses.

  • ✔️Can I pay stamp duty online in Pune?

    Yes, you can make an online payment for stamp duty in Pune. You can visit the GRAS web portal of the Maharashtra government.

  • ✔️Is visiting the sub-registrar’s office necessary in Pune?

    To complete the registration process, visiting the sub-registrar’s office is a must. If you have opted for online registration, you still need to visit the sub-registrar’s official with the digital receipt for biometric verification.