Palakkad is emerging as one of the hottest districts for residential properties. A number of construction projects are going on in the district and the place is going to become a hub of residential properties of all scales and flavours. Blessed with loads of natural beauty and amazing location that has many tourist attractions all-around, Palakkad is going to be one of the major suburbs of the region. If you are also planning to Buy houses in Palakkad, then, read the following post. We have compiled a detailed post regarding the stamp duty rates and charges on the property in Kerala.
At the time of buying property, you have to pay the stamp duty; registration charges; and cess etc. Find all about these extra charges that you have to pay if you Buy villas in Palakkad.
Stamp Duty – What is it?
- This is the fees that you have to pay at the time of transferring the property to your name. This fee is levied by the State Government on all the documents that you need for the property registration.
- Every state has a different Stamp Duty as per the norms of the Government.
- As per Section 3 of the Indian Stamp Act, 1899, you have to pay the Stamp Duty for registering any property in your name.
- This fee is charged for the verification of documents that are required for the registration process. The registration document will be an absolute and legal proof that indicates the name of the owner. Hence, it has the final say in deciding who the owner of a property is.
- If you don’t complete the registration or don’t submit the Stamp Duty, you will not be able to call a property your own.
- Hence, you must complete the registration process and submit the Stamp Duty if you Buy villas in Palakkad.
Factors that decide the value of Stamp Duty:
- The age of the owner plays a crucial role in deciding the amount of Stamp Duty. The senior citizens are given subsidy on the Stamp Duty charges in all states.
- Likewise, the women are also offered a rebate on the Stamp Duty. Men have to pay 2% extra charges as compared to women. This is why most of the people opt for women when it comes to registration of some property.
- The Stamp Duty charges are decided on the basis of the property age as well. The market value of the property is also considered. As the old properties have less Stamp Duty, if you are going to Buy villas in Palakkad, the Stamp Duty will be more.
- The Stamp Duty Charges of the Commercial Buildings are more as compared to the residential buildings.
- The properties located in the posh areas have a larger fee as compared to the other areas. This is because of the type, number and grade of services and amenities available there.
- If you want to avail any extra amenity on your property, then you have to pay more Stamp Duty. The State Government has a list of 20 amenities that come at a high price.
Calculation of Stamp Duty Charges:
- The charges are calculated keeping a lot of things in mind. First of all, the total market value is considered. The expensive properties have a higher fee and the cheaper ones have a smaller Stamp Duty.
- The State Government has a full chart in which every single thing has a different fee. For example, the gender of the owner, age of the owner, area in which the property is located, extra amenities that the owner has opted for and any other special regulations for the type of property.
- You can download the list of Stamp Duty and Fees online as well and check all the fees before you Buy houses in Palakkad.
Documents Required for Stamp Duty Payment and Registration of the Property:
- Sale Deed raised in the seller’s name
- Khata and BBMP Certificate
- Power of Attorney
- Tax receipts of the past 3 months
- Joint Development Property Documents
- All registered previous agreements
- Conversion Order
- Latest Bank Statements
- Electricity Bills and Sale Agreement
- 7/12 Extract
- Sanctioned Building Plan
- Occupancy Certificate issued by the builder
Any other case-specific documents and fees might be applicable that varies from property to property.
These are the basic things that you should know before you set out to Buy houses in Palakkad. Read all the rates and special fee in the official circular provided at: