Do you want to own a home in Indore and don’t know what registration and stamp charges are applicable in Madhya Pradesh?

The proud feeling of owning a home is one thing. And the charges and processes that come with owning that property are a world of its own.

When you plan on purchasing a property, the Registration & Stamps Department of MP levies stamp duty and registration charges on that property. There are 4 regional offices of the Registration & Stamp Department in Gwalior, Bhopal, Jabalpur, and Indore. These offices are further supervised by the Zonal Deputy Registration Inspector General. Madhya Pradesh has 51 Registrar Offices in its districts and 234 Registrar Offices across the State.

This is the basic information that every home buyer buying a home in Indore should know about. Now let’s dive deep into registration charges and stamp duty.

What are Registration Charges?

When you buy a property the first step is to get the property registered. The fees charged on the property when registered are called registration charges. The cost is a percentage of the property’s market value and is mandatory for completing the sale process. The registration fee in Indore, like most of Madhya Pradesh, is 3% of the property value.

What is Stamp Duty?

When a property is transferred from one person to another, stamp duty is levied. Previously the stamp duty has stood at 10.5%. In 2024, with amendments in the charges of FY 2024-25, the stamp duty rates were brought down to 7.5%.

Online Payment of Stamp Duty in MP

You can pay stamp duty both offline and online in MP. If you opt for online payment, here are the steps:

Step 1– Visit the official website of the Registration and Stamps Department of Madhya Pradesh.

Step 2– Press the E-Stamp verification button.

Step 3– A fresh screen pops up. Now enter the E-stamp ID and feed the captcha to pay stamp duty.

Step 4– You can pay the charges using a debit card, credit card or net banking.

What Documents are Needed for Property Registration in MP?

For lawful registration of property, here are the documents that you need-

• Form 60 properly filled
• 2 photos of passport size
• PAN copy of owner or buyer
• Identity proof like an Aadhar card, driver’s license, voter ID card, etc.
• Residence proof
• Payment receipt of stamp duty

What is the E-Stamping Method?

The digital method of document verification is the e-stamping method. The e-stamping is done by Stamps and Management of Property and Documents Application project. You only need identity proof with registration and a mandatory digital signature.

What Factors Affect the Registration Charges and Stamp Duty?

• Property Value- Since registration charges and stamp duties are levied on the market value of the property, it is the first factor to be considered while setting the respective rates.
• Property Type- The stamp duty differs for residential and commercial properties.
• Property Location- Properties in urban areas attract more stamp duty than those present in rural or suburban areas.
• Amenities and Facilities- Properties like townships attract a higher stamp duty since they offer state-of-the-art facilities.

Conclusion

Buying a property is a significant investment. It is important to be aware of all of the costs involved before you make a purchase. By understanding the registration fees, stamp duty rates, and other associated costs, you can budget accordingly and make an informed decision.

Royal Greens – Luxurious Living in Indore

If you are looking for a luxurious place to live in Indore, then Royal Greens is the perfect choice for you. Royal Greens is a premium township that offers a variety of amenities, including a clubhouse, swimming pool, gym, and children’s play area.

The apartments at Royal Greens are spacious and well-designed. They are perfect for families and young professionals alike.

For more information about Royal Greens, please visit our website or contact us today.