PUNE: The State Government has approved an additional charge of one per cent for stamp registration on property transactions in Pune and Pimpri-Chinchwad areas after Nagpur and Mumbai. This will result in increase in stamp duty on property deals. Moreover, eight per cent stamp duty will have to be paid for property registrations up to Rs 30 lakh.
Currently, Pune and Pimpri-Chinchwad residents have to pay five per cent stamp duty and one per cent LBT for the registration. Moreover, transactions up to Rs 30 lakh attract maximum Rs 30,000 registration fees. The transactions above Rs 30 lakh attract six per cent stamp duty and registration fees of Rs 30,000, which has remained constant.
The State Government recently sanctioned another additional stamp duty for the metro rail project for Pune and Pimpri-Chinchwad. This has led to an increase in one per cent (increased to 8 per cent) for the registration up to Rs 30 lakh. This has been implemented from February 8.
In the first phase, the State Government will collect one per cent extra stamp duty in Nagpur. Mumbaikars will have to pay one per cent stamp duty surcharge in addition to the existing 5 per cent stamp duty on property transactions, effective from February 8.
This additional levy on sale, gift and mortgage of property within the jurisdiction of BMC will help raise funds for infrastructure projects such as metro railway and sea links. The government hopes to mop up additional Rs 1,000 crore with the imposition of one per cent surcharge on stamp duty.
The government will get Rs 300 crore annually. One per cent tax will be charged on sale of houses, land, shops, transactions, donations, mortgages, remuneration or loan transactions in Pune.
After nine months of the government declaring Pimpri-Chinchwad Metro project as ‘Notified Project’, one per cent surcharge on stamp duty for registrations at Pune and Pimpri-Chinchwad was implemented.
