Four Key Tips to Save Money on Property Registration
Property Registration Overview Buying land is a significant milestone, but registering it can be costly, with fees ranging from 5-7% of the property’s value. For example, registering a property worth ₹50 lakh could cost several lakhs. However, by following these four tips, you can save a substantial amount. 1. 1) Consider Market Value for Stamp Duty The circle rate (government-determined value) is often higher than the market value, leading to higher stamp duty. Requesting stamp duty calculation based on the market value instead of the circle rate can reduce costs. Under the State Stamp Act, you can appeal to the registrar for this adjustment. 2. 2) Opt for Unpartitioned Land Registration Purchasing unpartitioned land reduces registration fees. This involves separate agreements for the land and construction costs. For instance, if the land costs ₹20 lakh and the construction ₹50 lakh, stamp duty is applied only to the land valu...