In 2021, the Government of Maharashtra reduced stamp duty to encourage the purchase of real estate within the state. Stamp duty is a type of tax collected by state governments at the time you register your property.
It is a percentage of your property’s market value, and the Central Government decides the number for each state. Stamp duty or property registration charges apply to both residential and commercial real estate, including freehold and leasehold properties.
Stamp duty and registration charges in Maharashtra, 2021
Know that the stamp duty and registration charges for any state are different, and for different cities within that state. Needless to say, more developed and affordable municipalities attract higher stamp and duty charges. So, if you’re considering buying a property, be sure to factor in this cost when applying for a home loan.
Here is a breakdown of stamp duty and registration charges in some of the major cities within Maharashtra.
Stamp duty and registration charges in Maharashtra 2022
| City | Stamp duty and registration charges (from 1st January to 31st January 2021) | Stamp duty and registration charges (1st April 2021 onwards) | Stamp duty and registration charges (1st April 2022 onwards) |
| Mumbai | 3% | 5% | 6% |
| Thane | 4% | 6% | 7% |
| Navi Mumbai | 4% | 6% | 7% |
| Pune | 4% | 6% | 7% |
| Pimpri-Chinchwad | 4% | 6% | 7% |
| Nagpur | 4% | 6% | 7% |
From 2022 onwards, property buyers would have to pay 1% metro cess as transport surcharge.
Conveyance deed stamp duty in Maharashtra
| Conveyance Deed | Stamp Duty Charges |
| Lease deed | 5% |
| Gift deed | 3% of the property’s market value |
| Gift deed for residential/agricultural property passed on to individual’s family members | Rs. 200 |
| Power of attorney | 3% for a property situated in gram panchayat areas and 5% for those located in municipal areas. |
What are the factors that affect stamp duty and registration charges?
Stamp duty and registration charges don’t remain constant for all citizens. These figures vary slightly based on the factors listed below:
Additional Read – All about the Stamp Duty and Registration Charges in Mumbai
Gender of the buyer
Relevant authorities have consistently encouraged women to buy property in their name. Even the state of Maharashtra provides a concession on stamp duty and registration charges for females. For example, the stamp duty and charges for women buyers in Mumbai in March 2021 was 2%, which was 1% lower than the charges listed in the table above.
Age of the buyer
Concessions in stamp duty and registration charges are also provided to senior citizens buying a house in Maharashtra. Therefore, if you’re a senior citizen, now might be the best time to purchase a house. Not only are you entitled to a reduction in stamp duty and registration charges, but you can take advantage of the reduced home loan interest rates.
Property type
A residential property attracts a lower stamp duty and charges than a commercial property. So, if you’re buying a house in Maharashtra, know that you’re paying less than a businessperson, opening their outfit within the state.
Property age
Typically, older properties that make up the second home market for many Indians attract lower stamp duty and registration charges than properties in highly-developed or up and coming areas with new construction.
Additional Read – What is a Stamp Duty? How to Calculate Stamp Duty Online?
Parting thoughts
Are you thinking of purchasing a new residential property in Maharashtra? Well, then find the funds you need at Tata Capital. As one of India’s most trusted lending institutions, we offer housing finance at affordable interest rates and speedy processing.
You can also calculate your potential EMIs using a home loan EMI calculator available on our website.
