Godrej Aqua - Stamp Duty Rates on Bangalore Property

1. Bangalore, known as the garden city and the Silicon Valley of India has attracted residents from all over the country. People who want to live in a quiet city having a serene environment, Bangalore should be their first preference. There are several notable residential projects going on in Bangalore and one of them is​​Godrej Aqua​. But before planning to buy a property in Bangalore, you should have an ample knowledge of the stamp duty and registration charges. Before enhancing this topic further, we should first know what stamp duty charges are? The government levies a tax whenever there is a transaction of a property i.e. the property gets sold. This tax is called the stamp duty which is payable under Section 3 of the Indian Stamp Act, 1899. It is charged on residential properties, freehold or leasehold properties, and commercial properties. All the charges while buying the property are borne by the buyer but the seller is supposed to pay the capital gains tax (if any). The rate of taxes varies from state to state. Godrej Aqua Apartment | Stamp Duty Several factors on which the Stamp duty rates depends- ● Location of the property- Property is in the urban area or the rural area. ● Type of the property- Flat, Villa or an independent house ● Usage of property- For the commercial purpose or residential use ● Age of the owner- In several states, senior citizens get discounts ● Status of the property- Old or a new property In Bangalore, you have to pay 5% of the total registered property value as the stamp duty and 1% of the total or registered property value on the registration as the registration fees. Moreover, you have to pay 10% less (local taxation) and 2% surcharge (additional charge) on the stamp duty. In total the buyer has to pay 5.6% stamp duty. This was about the urban area, in the rural or village area, the surcharge is 3% and thus the stamp duty becomes 5.65%. While

2. calculating the stamp duty and registration costs, the Guidance value of the property is to be considered (the value declared by the Government for every area of the state. Different standards for different property types- ● For plots, the sq ft area of the plot is multiplied by the current guideline value of the particular area. ● For independent houses, the total constructed area is taken into account. ● For apartments, the super built-up area is taken into account. Total cost Saleable value of the property + Stamp duty + Registration fee= Total cost of the property The stamp duty rates are not fixed and change from time to time depending upon the market rate of the property. An introduction to Godrej Aqua Bangalore Godrej Properties​ are coming up with a fascinating project in North Bangalore i.e. Godrej Aqua. The main reason why Godrej Aqua is attracting a large number of people is its prestigious location. Godrej Aqua is located on the airport road surrounded by beautiful gardens, resorts, and parks. The value of the prime units would appreciate at a high rate in the future. Godrej Aqua will provide world-class amenities to its residents. Top class architects and interior designers have designed the flats. Several hospitals and educational institutions like GRV public school, Government High school, Nitte International school, National School of Journalism, National School of Fashion and Arts, RS college, Columbia Asia Hospital Hebbal, Apurva Hospital, Bangalore Baptist hospital are in the vicinity. Suggested Topic: ​Connect To Nature Like Never Before – With Godrej Aqua​,​​Where Should You Invest In An Apartment Or Villa Project?