Lucknow, the capital of Uttar Pradesh, has started witnessing a modern makeover. In the last few years, the city has developed large-scale developments and seamless connectivity, which is why people are stepping forward to buy residential projects in Lucknow for several reasons.
With more people searching for properties in Lucknow, it is more likely to see rapid growth in 2022-2023. So it is our responsibility to help you know all kinds of charges, registrations and other information that might be useful to you.
What are stamp duty and registration charges?
When you finish your property purchased from any real estate company in Lucknow, you ought to sign a handful of legal documents that validate you as the new owner of the property. Stamp duty is a kind of tax the government imposes on these documents.
Not just the stamp duty, buyers are also required to pay the registration charges. Once you’ve signed the document, you want them listed in the government records. For this, you will have to pay registration charges to ensure the contract is a part of the government’s records.
To support women, many states charge less duty for them. Uttar Pradesh is one state that charges low stamp duty from women buyers. In Lucknow, stamp duty charges are different for men and women.
Lucknow Stamp duty and Registration charges – Women
The stamp duty is 6% of the property value when registered in a woman’s name. However, the maximum discount is Rs 10000. Also, women in Lucknow need to pay 1 percent of the property value as the registration fees.
Lucknow Stamp duty and Registration charges – Men
There are 7% duty charges if the property is registered in a man’s name. Like women, the men must also pay 1 per cent of the property value as the registration fee.
For example, Stamp duty and Registration charges calculation
If a property is priced at Rs 50 lakhs in Lucknow and is registered in a woman’s name, she has to pay Rs 3.4 lakhs (3,50,000 – 10,000 discount for women) as stamp duty, whereas 50,000 is a registration charge. For a man, Rs 3.5 lakhs as stamp duty and 50,000 as a registration charge for a man.