Under the registration law, purchasers must register the transaction within four months of purchase. Unlike most countries where the buyer has to pay 1% of the value of the property as a registration fee, Haryana charges a flat fee based on the value of the property. For example, if the value of the real estate is 50 lakhs and it is within the boundaries of the commune and is registered in the name of a male, the applicable stamp duty would be 7% of Rs 50 lakhs. Thus, the buyer must pay 3.50 Rs. Lakhs as stamp duty. As the transaction value is greater than 25 Rs, the buyer must pay an additional Rs of 15,000 as a registration fee. In Gurgaon, buyers must pay a stamp duty based on the sex and location of the property. Stamp duty is higher for men and higher for areas within communal borders. For properties for sale in Gurgaon in areas that fall within municipal boundaries, men and women must pay 7% and 5% stamp duty respectively. In areas outside municipal borders, men and women must pay 5% and 3% respectively in stamp duty. Step 4: After the successful payment, an electronic entry is generated.
At the time of registration, the buyer must carry a copy of this receipt and other documents. Gurgaon (now Gurugram) is currently one of the most expensive real estate markets in India. Despite some corrections in recent years, average real estate rates in the Millennium City are currently above 5,000 aff. per sq m. In addition, there are several other expenses that real estate buyers have to bear to legally transfer the assets on their behalf. The 1908 Registration Act stipulates that the buyer must register a property for which buyers of real estate in this region must pay Gurgaon stamp duty and registration fees. Since these two taxes significantly increase the total cost of the purchase, buyers need to know what the costs of this legal formality would be. In accordance with Section 13 (1) of the RERA, a developer must enter into a purchase agreement with a buyer and then accept the amount of the booking. You have already paid the amount of the booking and now it is the buyer/developer`s duty to register the agreement. The conclusion of the agreement will protect the interests of purchasers, and contractors generally avoid doing so in the final stage of payment.