Congratulations! You’re on the path to owning property in beautiful Vizag. But before you celebrate with beachside pakoras, there are some important steps to navigate. One of those is understanding stamp duty and registration fees. This blog cuts through the confusion and provides a clear picture of property registration in Vizag for 2024.
What is Stamp Duty?
Think of stamp duty as a tax levied by the state government on property transactions. It’s a mandatory fee you pay to validate the sale deed or other property documents.
Stamp Duty in Vizag (2024):
The Andhra Pradesh government charges a flat rate of 5% stamp duty on all property sales within the state, including Vizag.
Registration Fees in Vizag (2024):
There are two additional fees associated with property registration:
- Registration Fee: This is 1% of the property’s market value.
- Transfer Fee: An additional 1.5% of the market value is levied as a transfer fee.
Documents Required for Property Registration in Vizag (2024):
- Sale Deed (original and two copies)
- No Objection Certificate (NOC) from the society (if applicable)
- Encumbrance Certificate (EC)
- Identity proof (aadhaar card, PAN card, etc.) of buyer and seller
- Address proof of buyer and seller
- Allotment letter (if applicable)
- Passport-sized photographs
How to Check Market Value of a Property in Vizag?
The market value forms the basis for calculating registration and transfer fees. You can check the market value through:
- Government circle rates: These are minimum values set by the government.
- Online property portals: These offer market trends and property listings with estimated values.
- Valuers: A professional valuer can provide an accurate market value assessment.
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How to Pay Stamp Duty and Registration Fees in Vizag (2024):
There are two main options for payment:
- Offline (Busy Stamp Paper): You can purchase physical stamp papers from designated vendors and affix them to your documents.
- Online (E-Stamping): A convenient and secure way to pay stamp duty electronically. Visit the website of the Inspector General of Registration (IGR), Andhra Pradesh (https://registration.ap.gov.in/) for details.
Franking for Stamp Duty:
Franking is an alternative to physical stamp papers. You can approach a franking machine vendor authorized by the government to pay the stamp duty electronically and get an imprint on your documents.
Remember:
- Gather all documents well in advance.
- Double-check the accuracy of information in the sale deed.
- Factor in stamp duty and registration fees when budgeting for your property purchase.
By following these steps and having a clear understanding of the process, you can navigate property registration in Vizag smoothly. Now, go forth and enjoy those beachside pakoras – you’ve earned them!
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