charges in Gurgaon

Do you plan to buy a property in Gurgaon? Read on here to know about the stamp duty and registration charges in Gurgaon to dodge the financial strain later.

When a property is purchased, it is imperative to register the property in the name of the buyer in the Registrar’s office. The registration affirms the legal ownership of the property to the buyer and minimises the chances of fraud since it can be used as a legal document in the event of a dispute. However, the entire registration process entails a plethora of documents along with the payment of an additional fee, i.e. registration fee and stamp duty. Registration fee is the cost levied by the government to record the property details, and stamp duty is the tax levied on the legal recognition of the property documents.

In Gurgaon, the sale deed is registered at the Sub-Registrar’s Office in whose jurisdiction the property is situated. The registration should be duly complied within four months of the execution of the sale deed along with all the necessary documents. The Sub-Registrar scrutinises the documents and issues the registration certificate. However, the stamp duty and registration charges depend on the ownership type and the transaction value of the property.

What are the Stamp duty and registration charges in Gurgaon? 

How to calculate property values in Gurgaon for paying stamp duty?

Follow the steps below to calculate the property value in Gurgaon and the corresponding stamp duty payable

Step 1 - Estimate the built-up area of the property  or the size of the plot in the case of a plotted development
Step 2 - Select the property type from the listed properties. I.e. whether the property is an apartment or a builder floor, a plot or a house or a shop or a commercial unit
Step 3 - Choose the area or locality where the property is situated
Step 4 - Calculate the minimum assessed value as per the current circle rate as mentioned in the chart below:

Once the property value is calculated, multiply it by the corresponding stamp duty rate as shown in chart 1. Also, take cognisance of the municipal limits. If the property is established outside the municipal jurisdiction, the stamp duty levied will change. The transaction value is also useful in gauging the registration fee, therefore, do the necessary calculations to plan the finances. 

How to pay stamp duty online in Gurgaon?

Here is a step-by-step guide to paying stamp duty in Gurgaon -

• * Visit the official website of https://egrashry.nic.in/
• * Create an account using a username and password
• * Proceed on to the next page and fill in the property details
• * Review the stamp duty and make the necessary payment through internet banking
• * On the completion of the payment, a receipt will be generated
• * Save the receipt for future reference

Overall, if planning to purchase a property, it is imperative to analyse the additional costs of stamp duty and registration charges. While small transactions may not create a fiscal burden, the big property purchases may take a toll on your financial strategy. Therefore, it is essential to do the due diligence and determine the cost of property acquisition than just the market value.