Property registration and stamp duty guidance needed? Is registration done on market value or property value?

Whichever is higher.

In Karnataka including Bangalore, the stamp duty and registration cost is based on either market value or property value, whichever is higher.

In order to avoid underpayment of stamp duty and registration cost, the revenue department fixes market value for every property. Once has to pay stamp duty and registration cost either on market value or property value, whichever is on the higher value.

Below are the stamp duty and registration cost for an apartment building in Bangalore,

Value less than Rs. 20 Lakh:

• Stamp duty: 2% of property value

• Surcharge Value : 0.1% of property value

• Cess Value : 0.2% of property value

• Total Stamp Duty : Stamp duty + Surcharge value + Cess value = 2.03%

• Total registration fees: 1% of property value

Value between Rs. 20 lakh - 45 Lakh:

• Stamp duty : 3% of property value

• Surcharge Value : 0.1% of property value

• Cess Value : 0.3% of property value

• Total Stamp Duty : Stamp duty + Surcharge value + Cess value = 3.03%

• Total registration fees: 1% of property value

Value more than Rs. 45 Lakh:

• Stamp duty: 5% of property value

• Surcharge Value : 0.1% of property value

• Cess Value : 0.5% of property value

• Total Stamp Duty : Stamp duty + Surcharge value + Cess value = 5.6%

• Total registration fees: 1% of property value

Below are the stamp duty and registration cost for land, independent building, and commercial complex in Bangalore.

• Stamp duty: 5% of property value

• Surcharge Value : 0.1% of property value

• Cess Value : 0.5% of property value

• Total Stamp Duty : Stamp duty + Surcharge value + Cess value = 5.6%

• Total registration fees: 1% of property value

In Karnataka, below is the step-by-step procedure to know the market value of your property. (also know as Government rate/ guidance value/ circle rate)

Step 1: Open the website Kaveri Online Services. The below website image for your reference.

Step 2: On the home page, scroll down a bit and click on “Know your property valuation”. Refer to the below image in the circle

Step 3: In the Districts, select the name of the district where your property located.

For example: We selected Bangalore Urban, below image for your reference.

Step 4: In the Area Name, type the name of an apartment or area name of your property.

For example: We have a flat in Sobha Ruby apartment in Bangalore Urban, hence we typed “Sobha Rudy” in Area name, where my apartment name automatically popup for selection.

Automatically your Taluka, village name, and Hobli details displays. Below image for your reference.

Step 5: In the Property Usage Type, select from the drop-down list that if a property comes under Agricultural or non-agricultural land.

For Example:

• We selected, non-agricultural.

• Property type as “Flat/Apartment”

• The total area of my flat is 1500 Sq.ft hence we typed as 1500

• We selected measurement unit as sq. feet from a drop-down list (multiple measurement unit options are available from a dropdown list)

Refer to the below image in the circle for your reference.

Click on “Display valuation” to check your property guidance value. Below image in the circle for your reference.

As per the above image, the guidance value of my property is Rs. 42,300 per square meter.

We converted the square meter to square feet, My property size is 1500 sq. ft, hence the total guidance value of my property is Rs. 58,94,700/-

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We provide assistance in obtaining the guidance value of your property. To opt for our service, please Whatsapp to +9 1 - 9 7 4 2 4 7 9 0 2 0 .

Thank you for reading…