Bangalore is one of the most preferred cities to settle down for Indians and NRIs because of the urban culture, the fantastic work-life balance, excellent infrastructure and last but not least, the fantastic weather. In addition, the IT hub of the country has a lot to offer in terms of real estate, and settling down is not a hassle. However, you have to pay the stamp duty and registration charges before owning a property in Bangalore. This rate varies from state to state. This article will look at the steady rate of stamp duty and registration charges in Bangalore.
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Stamp Duty in Bangalore
The stamp duty rates are different in various states and are levied based on the market value of other properties. In the light of the ongoing pandemic, all sectors, including real estate, have been seeing slow progress. To revive this situation, the Karnataka government has made some changes in the stamp duty of Bangalore. But why do the rates differ in each state?
Several factors help determine the stamp duty rates of a state. They are:
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- Age of property- Stamp duties are collected based on the total value of a property. With time, the value of a property depreciates. That is why older properties come cheaper compared to brand new ones.
- Age of Property owner- Senior citizens benefit from paying a subsidised stamp duty rate in most states. That’s why age is also a significant determinant of stamp duty charges.
- Gender of the owner- In most states, females pay a subsidised stamp duty rate than males. That’s why gender is also an important factor.
- The purpose for buying the property- Commercial properties attract higher stamp duty charges as compared to residential properties. Why? Because they will inevitably have a plethora of amenities than residential buildings and also amass a significant revenue as the years go by.
- Property location- Stamp duty charges vary considerably based on urban or village panchayat areas.
- Extra amenities- The more the amenities, the higher is the stamp duty. An independent builder floor flat will attract lesser stamp duty than a residential flat packed with a library, gym and swimming pool.
The Karnataka government has slashed the stamp duty rates and amendments to the original Stamp Duty Act, 1957. Under this amendment, the stamp duty charges have been cut to 3% for properties priced between Rs 35 lakh and Rs 45 lakh.
In 2020, the Government already slashed the stamp duty rates for properties priced less than 35 lakhs. For properties priced above 45 lakhs, you have to pay 5% additional on the total property value as stamp duty. There is a further 10% cess and 2% surcharge on the stamp duty rates for properties under this range. In total, a 5.6% stamp duty is levied in urban areas. For properties under the Village Panchayat, stamp duty is 5.65%. However, there is no change in the property registration charges.
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Current Stamp Duty and Sale Agreement Registration Charges in Bangalore, 2021
|Gender||Stamp Duty rates 2021||Registration Charges 2021|
|Male owner||5% on properties >Rs 45 lakh3% on properties between Rs 21-45 lakh2% on properties< Rs 20 lakh||1% of property value|
|Female owner||5% on properties> Rs 45 lakh3% on properties between Rs 21-45 lakh2% on properties <than Rs 20 lakh||1% of property value|
|Joint (Male + Female) owners||5% on properties >Rs 45 lakh3% on properties between Rs 21-45 lakh2% on properties<Rs 20 lakh||1% of property value|
|Joint (Male + Male) owners||5% on properties> Rs 45 lakh3% on properties between Rs 21-45 lakh2% on properties<Rs 20 lakh||1% of property value|
|Joint (Female + Female) owners||5% on properties> Rs 45 lakh3% on properties between Rs 21-45 lakh2% on properties< Rs 20 lakh||1% of property value|
Property Registration Charges in Bangalore
Although stamp duty rates have been slashed, there is no change in Bangalore’s current home registration charges. Based on the constant rate, a buyer has to pay 1% of the deal value as a registration charge in addition to the stamp duty charges. However, if you are a first-time homebuyer, you get a rebate for first-time registration.
Flat Registration Charges in Bangalore
You have to pay 1% of the total property value as a property registration fee in Bangalore.
House Registration Charges in Bangalore
For both individually or jointly owned(male/female) houses, the registration charges are at 1% of the total property value.
Site Registration Charges in Bangalore
In Bangalore, if you need ownership of a site, you have to pay 1% of the total market value of the particular property site as the site registration charge.
Apartment Registration Charges in Bangalore
The apartment registration charges are also the same as that of the house and site registration charges.
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Land Registration Charges in Bangalore
During this process, the seller transfers the ownership of the land to the buyer. The buyer, in turn, has to pay a certain fee to the Government for registering the land under their name. In this case, too, the new owner has to pay 1% of the total market value of the land.
Plot Registration Charges in Bangalore
Like a plot in Bangalore? You can register it online by furnishing your details and paying the plot registration fee. Like all others, the registration fee is 1% of the market value of the plot. On that note, the market value of plots in different areas of Bangalore will be additional. Hence, it is impossible to calculate the plot registration charges precisely.
Registration Charges for a Resale Flat in Bangalore
With age, stamp duty for resale flats decreases. However, the registration charges still stand at 1% of the total market value of the resale flat.
Sale Agreement Registration Charges in Bangalore
The stamp duty for sale agreement registration is usually 0.1% of the Sale consideration or the Guidance value, whichever is higher. However, the registration charges remain at 1% of the total property/land value.
GPA Registration Charges in Bangalore
During the sale of land or property, the seller transfers the Power of Attorney to the buyer. It means that the seller has granted permission to use his property in whatever way they like. But, of course, this includes the future sale of the property too.
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Article 41 of the Karnataka Stamp Act mandates that Rs 100 will be levied individually for stamp duty and registration charges in Bangalore.
Stamp Duty Calculator Bangalore
Stamp duty rates are never fixed and can be changed several times based on the condition of the real estate sector. Karnataka Government has no set timelines for the revision of stamp duty and registration charges.
Another notable feature is that unlike some states like Haryana and Rajasthan, Karnataka does not distinguish between male and female owners in Bangalore as far as stamp duty is concerned.
Let us take a look at the prevalent standards for calculating stamp duty in Bangalore:
- For multi-storeyed apartments, stamp duty is calculated based on the super-built-up area of the property.
- For a plot of land, the property area in sq. ft is multiplied by existing guideline values of the concerned area.
- For independent builder floors, the total construction area will be considered.
For the city of Bangalore, stamp duty revisions often happen due to:
- The existing market rate of properties.
- Expansion of city limits.
- Theperformance of the property in the real estate market.
If you are buying or wish to buy a property in Bangalore, you can check the stamp duty for the same by checking the stamp duty calculator services rendered by the Karnataka government.
Follow these steps:
- Visit the Kaveri Online Services portal.
2. Select the “Nature of the document” to proceed further. We have selected the “Sale of Flat” option here for illustrative purposes. Then click on the “Show Details” tab.
3. Now, you will be required to fill in all the necessary details like the Region Type- whether BBMP, City corporation, Gram Panchayat or something else. You can choose the appropriate region type from the Drop-down menu. Some other values that are to be provided are the Indicative Market Value and Indicative Consideration amount. If you don’t know the market value, you can find out by clicking the “Calculate Market Value” tab.
4. On filling in these details, the calculator will show your Total Stamp duty along with the Government duty, surcharges and registration fees for your property.
Registration Charges Calculator Bangalore
Follow the exact steps mentioned above and you will get your registration charges for Bangalore too. However, you can calculate this yourself. For Bangalore, the registration charge is 1% of the market value. So, a property worth Rs 1 crore will have a registration charge of 1 lakh.
Buying a new house is always a great experience. However, figuring out all the payable charges according to the law can be a hassle. Make your house buying experience smoother with our legal assistance at NoBroker who can advise you regarding the stamp duty and registration charges in Bangalore. Want to know more about property related updates in various cities? Visit our site and stay updated with the recent developments.
Ans. The current stamp duty rate in Bangalore is 3% of the total property value.
Ans. Currently, it is 1% of the total market value of the property in addition to the stamp duty.
Ans. In Bangalore, the stamp duty rates are the same for both men and women.
Ans. You can log in to the official stamp duty calculator portal of the Karnataka Government and calculate your stamp duty.
Ans. Stamp duty rates are currently at 3% of the total market value of the property. However, the amount of stamp duty will be different since property values in each locality are different.