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Property registration in Maharashtra set to get cheaper.

After reducing the stamp duty on property documents from 7.5% to 6%, the Maharashtra government will reduce the surcharge and cess, thus bringing down the overall registration levy in the state. From June, the property buyers in urban areas, BBMP, City Corporation and urban local bodies, will pay 7.72% of the property value towards registration, while rural areas, taluka panchayats, village panchayats, agriculture lands, will pay 7.78%. With the reduced stamp duty, the surcharge and infrastructure cess will also come down. A certain percentage on stamp duty is charged towards surcharge and infrastructure cess. These have been brought down in tune with the reduced stamp duty. The notification will also include the new flat rate of Rs 1,000 as stamp duty and Rs 500 for registration for documents registered as gift deed. For e.g. the existing levy for a property valued at Rs 10 lakh is Rs 94,000 for urban and Rs 94,750 for rural areas. From June 2009, for the same property, stamp duty will be Rs 60,000. Infrastructure cess will be Rs 6,000. Surcharge will be Rs 1,200 for urban and Rs 1,800 for rural areas. Registration fee will be upwards i.e. of Rs 10,000. Total registration levy will be Rs 77,200 for properties in urban areas and Rs 77,800 in rural areas.

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