Registering property is a significant task. Various types of registrations and transactions occur within it. Charges are required for property transactions. These charges depend on the total amount of property and can range from 5-7%. Understand that if you register property worth 50 lakhs, through this method, you could save from 2 to 3.5 lakhs. There are significant expenses involved in property purchase registration. However, these methods can help you save those expenses. These methods will be advantageous for you.

Cost of Registration Based on Market Value

Often, the market value of any property is lesser according to the circle rate. The stamp duty is higher on the circle rate. On the other hand, the stamp duty on the market value is lower. In this way, you can demand a lower stamp duty on the market value to avail savings. If you request the Registrar for stamp duty based on the market value, a sale deed won’t be required. Once the registration is completed, the next process will commence. This decision depends on the Registrar or Sub-Registrar. After reviewing the market value, a decision is made about this matter. Consequently, you will save a significant amount on stamp duty.

Registration of Undivided Land Share

Registering an undivided share of land can be done based on future construction projects. A contract is made between the buyer and the builder. The sale agreement involves undivided land shares. It includes the value of the land and the cost of the construction on it. Therefore, buying land without division can be beneficial. Registration charges are not required for the built-up area. For instance, if the registration charge for an apartment is 50 lakhs, and the land without division is valued at 20 lakhs, then the registration expenses and stamp duty will be less on the latter.

Assurance to Female Buyers

Several states have provided benefits to female property buyers. They are given rebates. This benefit is available for independent or joint property purchases. According to the Delhi government, if women buy property, registration fees are waived according to the built-up area. These waived fees are paid back as savings. Savings of up to 1.5 lakhs are possible each year. Local stamp duty laws also provide assurance. There might be differences in these laws according to each state. Therefore, getting information about it once can also be beneficial.

We take pride in having comprehensive knowledge about the real estate market in various areas such as Mumbai, Navi Mumbai, Thane, as well as surrounding regions like Karjat, Neral, Vangani, Badlapur, among others. To provide our customers with the best options available, we have utilized this knowledge. Contact MakaanBhai.com now for a secure transaction in your home. We, MakaanBhai.com, are the number one property advisors in Mumbai with zero brokerage fees, and our experienced professionals are committed to guiding you through the entire process.

Information Source : Internet

In Mumbai, Parsi-Zoroastrians are expressing concern over their apex trust’s proposal to sell a four-storeyed building, Bai Mahal, located on Wadia Street, comprising around 35 tenements, at a price they consider exceptionally low.

The Bombay Parsi Punchayet (BPP), among Mumbai’s largest landowners, has issued notices inviting buyers for Bai Mahal at Rs 5.5 crores. This move has stirred allegations that the trust is selling off properties at a meager value without involving the community, who benefit from the trust. Notably, a 1500-square-foot apartment in the area costs between Rs 10 and 15 crores, with property prices ranging from 60,000 to 70,000 per square foot.

Khushru Zaiwala, a Bombay High Court advocate, criticized the deal in a letter to the BPP, labeling the trust’s actions as a breach of trust and charity fraud. Zaiwala emphasized the trustees’ pledge to protect the properties of the Bombay Parsi Panchayat, expressing disappointment at the turn of events.

Bai Mahal, like many BPP-owned properties, was bequeathed to the trust by an heirless former owner. Spanning an area of 497 square meters, the building has a potential developable Floor Space Index (FSI) of up to 4.5. Zaiwala warned that if the trust continues selling assets at such rates, every charitable trust property under BPP’s ownership could be at risk.

Viraf Mehta, a BPP trustee, defended the pricing, stating the feasibility study highlighted the building’s full occupancy and limited redevelopment scope due to land constraints. He mentioned the lack of funds to renovate the dilapidated structure.

Dinshaw Mehta, a former BPP trustee, revealed their compulsion to sell, citing advice from auditors that conducting business would jeopardize their tax-exempt status. He stressed that only a few tenants are Parsis and that the stated price is a base figure.

Community members demanded transparent disclosure of deal specifics beforehand, emphasizing the need for prior information on plans to liquidate trust properties. While the BPP trustee stated the tender publication aimed for transparency, community members advocated for developing the building for Parsi families due to housing shortages.

If you need further assistance or information about real estate in Mumbai, Navi Mumbai, or surrounding areas like Thane, Karjat, Neral, Vangani, Badlapur, among others, feel free to reach out to MakaanBhai.com. We, MakaanBhai.com, pride ourselves on being the leading property advisors in Mumbai, offering zero brokerage fees and dedicated professionals to assist you throughout the process.

Information Source: Internet