How much stamp duty and registration charges you need to pay for a property in Mumbai in 2024

In Mumbai, property transactions are subject to a higher stamp duty rate than in other parts of Maharashtra. It is levied under the Maharashtra Stamp Duty Act. This additional cess is levied to fund infrastructure development projects in the city.

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The stamp duty imposed on a property in Mumbai is primarily determined by its location. Here’s a breakdown of how stamp duty is levied in the city:

a) Within municipal limits: Stamp duty will be 6% of the market value. The registration charges will be 1% of the market value if the property price is below Rs 30 lakh. If the property price is above Rs 30 lakh, Rs. 30,000 will be charged as a registration fee.

b) Within limits of municipal council/panchayat/cantonment of any area within MMRDA: Stamp duty will be 4% of the market value. The registration charges will be 1% of the market value if the property price is below Rs 30 lakh. If the property price exceeds Rs 30 lakh, Rs. 30,000 will be charged as a registration fee.

c) Within gram panchayat limits: Stamp duty will be 4% of the market value. The registration charges will be 1% of the market value if the property price is below Rs 30 lakh. If the property price is above Rs 30 lakh, Rs. 30,000 will be charged as a registration fee.

The charges may vary depending on the gender and ownership of the property.

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The state governments typically impose stamp duty and registration charges on homebuyers. These charges apply to both freehold and leasehold land, including agricultural and non-agricultural properties, as well as houses, flats, and commercial properties.

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Several factors influence the amount of stamp duty and registration fees payable in Mumbai:

Market value and area: The market value and size of the property are key determinants in calculating stamp duty charges.
Property type: Stamp duty rates vary based on the type of property. Commercial properties typically have higher stamp duty rates compared to residential properties.
Jurisdiction: Properties located in municipal areas and urban regions are subject to higher stamp duty rates than those in rural panchayat areas.

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