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Know your real estate: Stamp duty / Registration of agreement

When you are looking for an ideal home to live and you go to a real estate agent or a broker or even a builder, they might use jargons which you might not know.

But we give you a solution!!

Read this space every Tuesday & Wednesday for Real Estate Jargons.

Stamp Duty:

  • While purchasing a property (house or land), you need to pay a stamp duty.
  • This is a certain percentage of the actual cost of the property and is levied by the state government.
  • Every state has its percentage defined and can vary from 5-14 per cent.
  • However, this is no way a proof for registration of property.

Registration of Agreement:

  • Any immovable property document has to get registered at the time of purchase only.
  • All the agreements related with such transactions should be registered with the sub-registrar of assurances under the provision of the Indian Registration Act.
  • Do remember registration happens only when you pay the stamp duty to the government.

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