Buying A Dream Home In Punjab Becomes Cheaper
“There is a reason to smile for the new buyers of Dream Homes in Punjab. To boost the growth of the ailing Real Estate Sector in Punjab, the Govt. approved a reduction of Registry Fees for registration of property in the Urban Areas from 9 to 6 per cent. The revised Registry Fees in Punjab of 6% will be valid until March 31, 2018.”
Stamp Duty And Registration Charges in Mohali,Punjab:
Like any other product, while buying a property, the buyer has to pay a number of charges besides the price of the Property settled between the buyer & the seller. All these costs collectively count for the overall amount that the buyer spends. The main costs except for the basic price of the property also include;
i) Stamp Duty on Sale Agreement
ii) Registration Charges (Other than Stamp Duty) Levelled by the State Govt.
iv) Education Cess
Stamp Duty has to be paid in terms of Section 3 of Indian Stamp Act. These charges are to be paid on all types of “Sale & Purchase Agreements”, including Agreements between the Buyers & Sellers for Sale & Purchase & Registration of Property. The Stamp Duty or Registry Fees in Punjab for Registration of Property are levied on the price agreed between the parties.
Revised Stamp duty and Registration Charges in Mohali, Punjab:
Till now, Stamp Duty on Agreements for Sale & Purchase of Property or Registry Fees in Punjab was 9%. To boost the growth of the ailing Real Estate Sector in Punjab, the Govt. removed 3 percent additional stamp duty chargeable as Social Security Fund through an amendment to Section 3-C of the Schedule & thereby reduced Stamp Duty on the Cost for Registration of property in urban areas from 9 to 6 per cent. These Revised Registry Fees in Punjab will remain applicable until March 31, 2018.
Effects of Low Property Registry Fees in Punjab:
As a result of the aftermath of historic “NOTE-BANDI” by Govt.of India, the Real Estate is one of the worst affected Sectors. The Real Estate Market has been seeing a slowdown due to the problem of Cash-Crunch being faced by the people.The reduction of Registry Fees in Punjab by 3% can be termed as a big reduction. This major decision is bound to lower the overall costs substantially that the buyers have to incur while buying the property.
With the lowering of Stamp Duty or Registry Fees in Punjab on Sale and Purchase of Property, whereas on one hand, the buyers will get the substantial relief, and on the other hand, the Real Estate Market is expected to see a revival. In simple words, with the lowering of the Registry Fees in Punjab. the Real Estate Sector is expected to see a boom that will add to the State Revenue & will also help in the generation of fresh employment opportunities.