The township projects in Pune are in demand. This is due to the various benefits they offer to the residents. A township project is a residential project that houses a cluster of buildings or residential units like villas or bungalows etc that share a common boundary and all the amenities and facilities enclosed within. Many townships also have supermarkets and healthcare facilities within them. As new home buyers buy new homes there are other charges apart from the cost of the property that they should be aware of. Every new home buyer must pay the stamp duty and registration charges to the government authorities.
Let us understand these in detail:
Stamp Duty charges in Pune
Stamp duty is a tax paid to the government during the transfer of ownership of the property from the seller to the buyer within Pune. One can say that it is like income tax that confirms the ownership of the property by the buyer. Non-payment of stamp duty attracts penalties and legal action.
The current stamp duty and registration charges in Pune are as follows:
- The stamp duty charge for men is 7%. It includes a 1% metro cess, local body tax, and transport charges)
- The stamp duty charge for women is 6%. It includes a 1% metro cess, local body tax, and transport charges)
- In the case of joint ownership, the stamp duty is 6.5% if the owners are a male and a female
- In the case of joint ownership where both the owners are male then the stamp duty will be 7%
- In the case of joint ownership where both the owners are female then the stamp duty will be 6%
Stamp duty charges in different areas of Pune
The stamp duty and registration charges are different in different areas of Pune.
- The stamp duty is 4% within the limits of the Gram Panchayat administration
- If the panchayat or rural area falls in the MMRDA (Mumbai Metropolitan Region Development Authority) jurisdiction then the stamp duty is 5%.
- The stamp duty is 5% for areas falling within the administration of the Cantonment Area or Municipal Corporation.
Registration charges in Pune
The registration charges for residential projects in Pune are fixed at Rs 30,000 if the property value exceeds Rs 30 Lakh. If the property cost is below Rs 30 Lakhs the registration charges are 1% of property value.