Property Registry Charges: If you are buying a house or land, it is very important to register for it. The person in whose name the land or house is registered has the right over it. A number of documents are also required for registration.
This document has to be given to both the buyer and the seller of the land. But the registry charge is decided by the government, which is decided by the place and type of property.Registry is a legal process in which a person’s land or property is transferred to another person’s name.
Let us tell you that it is necessary to get the land registry done in India and for this the government of India also charges. The registration charge is levied by the Government of India on the basis of the value of the land.
If you want to know about the registration charges, you can also use the online portal. Even today many people do not have complete information about the registry of land. As a result, people are often charged more.
How is the payment decided?
When there is a registry of land, the most important stamp duty is in its registration fee. This means that the government takes from you through the stamp what will be spent in the registry of the land. If you are buying land in the village, then the stamp duty is less and if you are buying land in the city, then the stamp duty is more. You have to pay the stamp duty charge according to the circle rate of the land or the government price of the land.
Let us tell you that the stamp duty of each state is fixed by each state government and that is why it varies in different areas of the country, ranging from 3% to 10% of the value of the property. Apart from the stamp duty, you will also have to pay the registration fee which is usually levied by the central government and fixed across the state. A registration fee of 1% of the market value of the property is charged.
Let’s understand mathematics by example
For example, a person is buying land worth Rs 60 lakh in Delhi, where the rate of stamp duty is 6%. So he will have to pay Rs 3.6 lakh as stamp duty and Rs 60,000 as registration fee. But if a woman registers, she will have to pay a lower fee than a man.