Once investors looking for quality Flats in Navi Mumbai, zero down to Balaji Symphony, they will need to do the following documentation to finalise the deal and shift into their dream home Buy Property in Navi Mumbai.
5% stamp duty is compulsory and applicable on flat purchases within the jurisdiction of Greater Mumbai Municipal Corporation and 6% stamp duty on flat purchase within Thane Municipal Corporation judiciary limits, as per the Maharashtra stamp act 1958., You will not be able to officially register your new house in your name, even when the house is transferred within the family without the payment of this stamp duty. (Note- 5% stamp duty is mandatory for galas/office/shop premises and garages, even if just used for car parking in Mumbai.)
Procedure for Stamp Duty
The stamp duty amount for flat purchase is based upon agreement value or market value, whichever is higher. Once the stamp duty amount is determined, a pay-order addressed in favour of "SUPERINTENDENT OF STAMPS, Mumbai" needs to be prepared by the flat purchaser. The pay-order is given for franking of the agreement. After which, the respective parties duly fill and sign the said agreement.
The Stamp Duty Offices in Mumbai
The Superintendent of Stamps General Stamp Office, Ground Floor, Town Hall Building, Shahid Bhagatsingh Road, Fort, Mumbai 400 023 Ph: 266 4589, 266 4585
Office of the Superintendent of Stamps
First Floor, B.M.R.D.A. Building, Bandra (East), Mumbai 400 051 Ph: 645 1894
Town Hall, Collector's Office Compound, Thane (West) 400 601
(The Thane stamp office is open on Tuesdays and Fridays only and is closed on the 18th of each month for accounts. If the 18th happens to be Tuesday or Friday, the office is opened on the next working day.)
Registration of the Stamp duty paid agreement document is meant to record flat ownership.
Under the India Registration Act, the registration is done with the sub-registrar of Assurances, of the jurisdiction under which the property is located. Once the title deeds are registered or recorded in the purchaser’s name, he/she officially becomes the legal owner of the property.
Compulsory Registration of Documents - Section 17 of the Registration Act, 1908
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