Buying a property in any Indian state mandates an individual to pay stamp duty and property registration charges. This amount is collected against any immovable and movable assets. One can register this property against their name by paying the required fees to the municipal corporation. Individuals planning to purchase a residential or commercial property in Karnataka must check the levied registration charges. Keep reading to learn more about stamp duty in Karnataka and its calculation.
As discussed earlier, property registration in Karnataka is essential to get ownership. This rule is mandated by Section 3 of the Indian Stamp Act 1899, which again authenticates a property’s sale agreement and maintains an appropriate record for it. Individuals should know that the stamp duty and registration charges vary from state to state. It can increase with the property type and size. Recently the Karnataka Government has reduced the stamp duty charges by 3% for homes ranging between ₹35 lakhs to ₹45 lakhs. This decision has made the stamp duty charges affordable and initiated healthy savings for property buyers. Moreover, the Government targets sale of affordable housing in India, which is nearly 48% of the unsold inventory. Hence, a reduction in stamp duty indicates growth in demand for such affordable housing. Let’s check what are the current stamp duty and registration charges in Karnataka. You may also like Property Insurance
