Goa has been witnessing a real estate boom, especially in the commercial sector. But, before buying a property, ensure that you are aware of the stamp duty and registration charges for arriving at the actual property cost in the Union Territory.
Paying stamp duty and registration charges on commercial properties such as shops, offices, and showrooms is indispensable for establishing your legal ownership right over an asset you buy. In Goa, you will have to pay the same as per the Indian Stamps Duty Act of 1899. However, your payment will be governed by varied rates set by the State’s revenue department. Of late, stamp duty in Goa has been hiked for properties over Rs 50 lakh. The hike in stamp duty is intended to help the government replenish its depleted treasury. (informations only.com)
Stamp duty on commercial property in Goa
| Category | Stamp duty rate |
| Property values up to Rs 50 lakh | 3 percent |
| Property values between Rs 50-75 lakh | 4 percent |
| Property values above Rs 75 lakh and up to Rs 1 crore | 4.5 percent |
| Property values above Rs 1 crore but not exceeding Rs 5 crore | 5 percent |
| Agreement for sale | 2.9 percent |
| Deed of conveyance in favour of cooperative/housing societies | 3 percent |
Registration charges on commercial property in Goa
The registration rates are 3 percent for properties in all categories in Goa. They are only 1.5 percent in case of a deed of conveyance in favour of cooperative or housing societies.
How to calculate stamp duty, and registration charges in Goa?
You can calculate stamp duty and registration charges on commercial properties in Goa through an online calculator. Also, you can use this formula:
Stamp duty: Market value X Stamp duty/100.
Registration charge: Market value X Registration charge/100.
Example
Let us assume that Mr Kaushik Shetty wishes to buy a property in Goa at Rs 45 lakh. So, his stamp duty will be the following:
45,00,000 X 3/100 = Rs 1,35,000.
His registration costs will also be the same at three percent, which means Rs 1,35,000. So, the total amount payable at his end will be Rs 2,70,000 in registration and stamp duty costs. The total property cost will thus be Rs 47,70,000.
In contrast, if Ms Geetika Kelkar wants to purchase a property at Rs 1,25,00,000 in Goa, her stamp duty will be:
1,25,00,000 X 4.5/100 = Rs 5,62,500
The registration charges will be 1,25,00,000 X 3/100 = Rs 3,75,000
Therefore, the total amount payable in stamp duty and registration costs will be Rs 9,37,500
The total cost of the property for her will be Rs 1,34,37,500
It is of utmost importance that you should always find out the accurate market value of the property to get this calculation done smoothly without any hassles. (informations only.com)