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Stamp duty and registration charges are applicable when buying a property in Noida Extension. Noida Extension is a fast-developing area located in the outskirts of Noida, Uttar Pradesh, and is a popular choice for homebuyers due to its affordable property prices and good connectivity to major cities. In this blog, we will discuss the stamp duty and registration charges applicable in Noida Extension.
Stamp Duty Charges in Noida Extension:
Stamp duty is a tax imposed by the state government on property transactions, and the rates vary from state to state. In Noida Extension, the stamp duty charges are as follows:
- For the purchase of residential property: The stamp duty charges for the purchase of residential property in Noida Extension are 7% of the property’s agreement value or the circle rate, whichever is higher.
- For the purchase of commercial property: The stamp duty charges for the purchase of commercial property in Noida Extension are 7% of the property’s agreement value or the circle rate, whichever is higher.
Registration Charges in Noida Extension:
Registration charges are levied by the state government for the registration of the property transaction. The registration charges in Noida Extension are as follows:
- For the purchase of residential property: The registration charges for the purchase of residential property in Noida Extension are 2% of the property’s agreement value or the circle rate, whichever is higher, subject to a maximum of Rs. 20,000.
- For the purchase of commercial property: The registration charges for the purchase of commercial property in Noida Extension are 2% of the property’s agreement value or the circle rate, whichever is higher, subject to a maximum of Rs. 20,000.
Other Charges in Noida Extension:
Apart from the stamp duty and registration charges, there are some other charges that a buyer needs to pay while purchasing a property in Noida Extension. These charges are:
- GST: Goods and Services Tax (GST) is applicable on the sale of under-construction properties in Noida Extension. The current GST rate on under-construction properties is 5% for affordable homes and 12% for other properties.
- Parking Charges: Many builders in Noida Extension charge additional fees for parking spaces. The charges may vary from builder to builder and depend on the type of parking space.
- Maintenance Charges: After the possession of the property, the buyer needs to pay maintenance charges to the builder or the Resident Welfare Association (RWA) for the maintenance of common areas and facilities.
Conclusion:
Stamp duty and registration charges are a significant expense for property buyers in Noida Extension. It is important to calculate these charges beforehand to avoid any surprises later on. The stamp duty and registration charges depend on the property’s agreement value or the circle rate, whichever is higher, and vary for residential and commercial properties. Apart from these charges, buyers also need to pay GST, parking charges, and maintenance charges. It is advisable to consult with a financial advisor or legal expert before purchasing a property to understand the complete cost structure and ensure a successful transaction.
Also Read: Is Noida or Noida Extension Better for Real Estate Investment
FAQs
1. What is stamp duty?
Stamp duty is a tax imposed by the state government on property transactions, including buying, selling, or leasing of a property.
2. What is the current stamp duty rate in Noida Extension?
The current stamp duty rate in Noida Extension is 7% of the property’s agreement value or the circle rate, whichever is higher.
3. What is the circle rate in Noida Extension?
The circle rate is the minimum value at which a property can be registered. It is determined by the state government and varies from area to area.
4. How is stamp duty calculated in Noida Extension?
Stamp duty is calculated as a percentage of the property’s agreement value or the circle rate, whichever is higher.
5. Who is responsible for paying stamp duty in Noida Extension?
The buyer is responsible for paying stamp duty in Noida Extension.
6. What is the registration fee in Noida Extension?
The registration fee in Noida Extension is 2% of the property’s agreement value or the circle rate, whichever is higher, subject to a maximum of Rs. 20,000.
7. What is the difference between stamp duty and registration fee?
Stamp duty is a tax imposed on property transactions, while registration fee is the fee charged for registering the property with the government.
8. Can stamp duty and registration fee be paid online in Noida Extension?
Yes, stamp duty and registration fee can be paid online in Noida Extension through the government’s e-stamping portal.
9. What is the penalty for late payment of stamp duty in Noida Extension?
The penalty for late payment of stamp duty in Noida Extension is 2% per month, subject to a maximum of 200% of the stamp duty amount.
10. Is stamp duty refundable in Noida Extension?
No, stamp duty is not refundable in Noida Extension.
11. Can stamp duty be paid in installments in Noida Extension?
No, stamp duty cannot be paid in installments in Noida Extension. It needs to be paid in full at the time of property registration.
12. What is the impact of GST on stamp duty and registration charges in Noida Extension?
GST is applicable on the sale of under-construction properties in Noida Extension. The current GST rate on under-construction properties is 5% for affordable homes and 12% for other properties.
13. Is GST applicable on resale properties in Noida Extension?
No, GST is not applicable on resale properties in Noida Extension.
14. What are the documents required for property registration in Noida Extension?
The documents required for property registration in Noida Extension include the sale deed, NOC from the concerned authority, PAN card, Aadhaar card, and passport size photographs of both the buyer and the seller.
15. What is the process of property registration in Noida Extension?
The process of property registration in Noida Extension involves paying the stamp duty and registration fee, submitting the required documents, and getting the property registered with the government.
16. Can stamp duty and registration fee be paid offline in Noida Extension?
Yes, stamp duty and registration fee can be paid offline in Noida Extension through authorized banks or at the sub-registrar’s office.
