Date: February 24, 2023 Author: Team Piramal Realty

Stamp duty and registration charges in Thane | Piramal Realty

As per Section 17 of the Registration Act, 1908, registration of a property becomes mandatory in India whenever there is a sale or purchase of an immovable property. In case someone fails to register a property, they will not be seen as the rightful owner in the eyes of the law.

To register a property in India, one needs to pay the applicable stamp duty and property registration charges to the state government or local municipal body. Paying property registration charges and stamp duty is mandatory for all homebuyers in India under Section 3 of the Indian Stamp Act, 1899.

Thane, being one of the most popular residential hubs in Maharashtra, has emerged as a top location for homebuyers in recent times. Here is some vital information on stamp duty and registration charges in Thane.

How to register a property in Thane?

Since the state government collects stamp duty and property registration charges, the process of collection and charges may vary from one state to another.

Here are the steps home buyers can follow to register a property in Thane:

Step 1:
Checking and collating all ownership documents of the property, including purchase deeds, tax receipts, electricity, or water bills, etc.

Step 2:
Preparing a new purchase deed on a non-judicial stamp paper

Step 3:
Paying the stamp duty (as applicable)

Step 4:
Visit the sub-registrar office and apply for property registration. This can also be done online

Step 5:
Paying the applicable registration charges

What are the stamp duty and registration charges in Thane?

The stamp duty and registration charges generally range between 1% and 7% of the property’s market value. In Thane, stamp duty rates vary as per the gender of the property owner.

Gender of the Property Owner	Stamp Duty Rate in Thane	Property Registration Charges in Thane
Male	7% of the property’s market value (5% stamp duty + Local Body Tax 1% + Metro Cess 1%)	₹30,000 for properties valued at more of the property’s market value for properties
Female	6% of the property’s market value (4% stamp duty + Local Body Tax 1% + Metro Cess 1%)	₹30,000 for properties above ₹30 lakhs property’s market value for properties.
Joint (Male + Female)	7% of the property’s market value (5% stamp duty + Local Body Tax 1% + Metro Cess 1%)	₹30,000 for properties valued at more of the property’s market value for properties
Joint (Male + Male)	7% of the property’s market value (5% stamp duty + Local Body Tax 1% + Metro Cess 1%)	₹30,000 for properties valued at more of the property’s market value for properties
Joint (Female + Female)	6% of the property’s market value (4% stamp duty + Local Body Tax 1% + Metro Cess 1%)	₹30,000 for properties valued at more of the property’s market value for properties

Please note that stamp duty on the resale of flats in Thane, as well as new flats, is the same. It means that the stamp duty rate that one has to pay is uniform, irrespective of whether the flat is being bought from a builder or a property owner.

How to calculate stamp duty and registration charges in Thane?

One can understand the calculation of the stamp duty and registration charges in Thane with the help of the example given below:

Suppose a male homebuyer has purchased a home worth ₹50 lakhs. The stamp duty and registration charges that he would save to pay can be calculated as follows:

Stamp duty: 5% of ₹50 lakhs, i.e., ₹2.5 lakhs

Local Body Tax: 1% of ₹50 lakhs, i.e., ₹50,000

Metro Cess: 1% of ₹50 lakhs, i.e., ₹50,000

Registration Charges: ₹30,000

Total stamp duty and registration charges = ₹3.8 lakhs

To sum it up

Property registration is a mandatory and crucial part of the home-buying process. The registration charges are typically a percentage of the property value, and the exact percentage can vary depending on the location of the property. It is done to establish the legal ownership of a property. That is why it is important to complete the property registration process by paying the applicable charges within the due dates.

Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.