The stamp duty rates in Mumbai are governed under the Maharashtra Stamp Duty Act.
Stamp duty is a crucial document that helps you legally claim ownership over a property. Once a property is purchased, the buyer is required to register the property with the local governing authority and pay the stamp duty and registration charges.
In case the buyer fails to do so, a heavy penalty can be imposed on them by the local municipal corporation.
Factors That Affect Stamp Duty
There are four major factors that affect the stamp duty of a property.
1. Age of the property:
The age of the property you're hoping to purchase can altogether diminish or expand the stamp duty you pay on it. The more established the development of the property is the more refund can be profit wear the stamp duty.
2. Type of property:
The sort of property alludes to the utilization that the property will go through. For instance, private property will draw in lesser stamp duty charges when contrasted with a business property in Maharashtra.
3. Age of the proprietor:
Owners that are senior residents are expected to pay lower stamp duty when contrasted with those not under this classification.
4. Gender of the proprietor:
Women property purchasers in Maharashtra are expected to pay diminished stamp duty in Maharashtra when contrasted with male landowners.
Stamp Duty Rates In Mumbai
In Mumbai, unlike many other cities in Maharashtra, property buyers do not need to pay the Local Body Tax. The stamp duty charges in Mumbai vary mainly according to the gender of the property buyer.
A male property buyer in Mumbai will have to pay 5% of the Ready Reckoner rate as the stamp duty charges. Meanwhile, a female property buyer in Mumbai is required to pay 4% of the Ready Reckoner rate as the stamp duty charges.
Ready Reckoner Rate In Mumbai
The Ready Reckoner Rate (RR) is a price of property set by the local governing authorities. The RR in the different areas of Mumbai is:
Place In Mumbai | RR for Flats/Apartments | RR for Residential Lands |
Andheri East | Rs.114,000 - Rs.243,600 | Rs.58,900 - Rs.142,200 |
Andheri East - Kurla Road | Rs.108,300 - Rs.158,200 | Rs.60,000 - Rs.81,700 |
Andheri East Marol | Rs.92,100 - Rs.157,300 | Rs.50,200 - Rs.95,100 |
Andheri Oshiwara | Rs.100,600 - Rs.237,100 | Rs.52,800 - Rs.147,600 |
Andheri Varivali | Rs.144,900 - Rs.173,000 | Rs.76,400 - Rs.103,700 |
Andheri Versova | Rs.149,000 - Rs.209,400 | Rs.74,700 - Rs.125,600 |
Andheri West | Rs.137,500 - Rs.210,100 | Rs.70,600 - Rs.136,500 |
Bandra East | Rs.111,400 - Rs.289,900 | Rs.57,900 - Rs.169,000 |
Bandra Reclamation | Rs.242,600 - Rs.242,600 | Rs.148,100 - Rs.148,100 |
Bandra West | Rs.131,700 - Rs.449,600 | Rs.74,500 - Rs.299,900 |
Bapnala | Rs.91,200 - Rs.91,200 | Rs.40,900 - Rs.40,900 |
BKC & Kalina | Rs.129,400 - Rs.344,000 | Rs.78,100 - Rs.206,800 |
Borivali East | Rs.52,800 - Rs.186,800 | Rs.38,800 - Rs.112,100 |
Borivali West | Rs.95,300 - Rs.117,600 | Rs.39,400 - Rs.71,300 |
Brahamanwada | Rs.120,000 - Rs.136,700 | Rs.65,100 - Rs.71,100 |
Byculla | Rs.82,000 - Rs.469,900 | Rs.38,500 - Rs.214,200 |
Colaba | Rs.280,400 - Rs.652,100 | Rs.130,400 - Rs.339,000 |
Dadar | Rs.71,300 - Rs.222,000 | Rs.40,200 - Rs.102,300 |
Dharavi | Rs.73,600 - Rs.88,000 | Rs.25,000 - Rs.42,900 |
Dindoshi | Rs.93,700 - Rs.170,200 | Rs.34,000 - Rs.102,200 |
Fort | Rs.182,100 - Rs.592,300 | Rs.97,000 - Rs.296,500 |
Girgaum Chowpatty | Rs.165,400 - Rs.450,700 | Rs.78,900 - Rs.256,400 |
Goregaon East | Rs.51,000 - Rs.220,500 | Rs.21,200 - Rs.130,500 |
Goregaon West | Rs.68,700 - Rs.177,500 | Rs.26,800 - Rs.114,700 |
Jogeshwari East | Rs.115,100 - Rs.210,600 | Rs.60,800 - Rs.117,200 |
Jogeshwari West | Rs.88,400 - Rs.196,900 | Rs.40,000 - Rs.124,700 |
Juhu | Rs.230,700 - Rs.376,600 | Rs.136,900 - Rs.227,400 |
Kandivali East | Rs.42,900 - Rs.169,400 | Rs.32,400 - Rs.91,900 |
Kandivali West | Rs.130,800 - Rs.130,800 | Rs.73,300 - Rs.73,300 |
Lower Parel | Rs.178,300 - Rs.523,600 | Rs.48,800 - Rs.236,100 |
Madh Village | Rs.58,400 - Rs.58,400 | Rs.22,600 - Rs.22,600 |
Mahim | Rs.214,500 - Rs.381,500 | Rs.98,600 - Rs.210,500 |
Malabar & Cumballa Hills | Rs.339,500 - Rs.861,000 | Rs.185,700 - Rs.475,400 |
Malad East | Rs.74,600 - Rs.163,100 | Rs.29,500 - Rs.80,500 |
Malad West | Rs.98,900 - Rs.170,900 | Rs.45,600 - Rs.86,600 |
Malad West North | Rs.70,500 - Rs.128,500 | Rs.28,700 - Rs.76,300 |
Malad West South | Rs.99,400 - Rs.158,200 | Rs.45,500 - Rs.88,400 |
Malvani | Rs.78,800 - Rs.106,000 | Rs.38,600 - Rs.63,400 |
Mandvi | Rs.126,000 - Rs.221,200 | Rs.65,700 - Rs.130,600 |
Marine Drive | Rs.164,800 - Rs.445,600 | Rs.83,300 - Rs.221,800 |
Matunga | Rs.142,500 - Rs.252,000 | Rs.56,300 - Rs.113,600 |
Mazgaon | Rs.69,400 - Rs.217,600 | Rs.27,100 - Rs.97,400 |
Nariman Point | Rs.413,700 - Rs.576,300 | Rs.192,200 - Rs.308,700 |
Parel Sewri | Rs.84,600 - Rs.335,700 | Rs.26,200 - Rs.144,50 |
Parigha Creek | Rs.89,100 - Rs.171,700 | Rs.35,200 - Rs.93,400 |
Parjapur Andheri | Rs.85,400 - Rs.85,400 | Rs.39,800 - Rs.39,800 |
Princess Dock | Rs.158,900 - Rs.240,200 | Rs.56,400 - Rs.130,600 |
Sahar | Rs.140,800 - Rs.140,800 | Rs.69,600 - Rs.69,600 |
Salt Pan | Rs.91,600 - Rs.191,900 | Rs.46,000 - Rs.85,800 |
Sion | Rs.127,700 - Rs.233,300 | Rs.55,300 - Rs.115,900 |
Tardeo | Rs.171,300 - Rs.337,400 | Rs.82,600 - Rs.184,700 |
Vile Parle East | Rs.93,100 - Rs.215,600 | Rs.46,200 - Rs.129,500 |
Vile Parle West | Rs.176,300 - Rs.273,200 | Rs.105,600 - Rs.160,500 |
Villages | Rs.42,000 - Rs.125,400 | Rs.16,500 - Rs.62,700 |
Wadhvan | Rs.64,200 - Rs.130,100 | Rs.25,100 - Rs.64,900 |
Worli | Rs.172,500 - Rs.587,800 | Rs.77,700 - Rs.318,200 |
Registration Charges In Mumbai
Just like the Stamp Duty, the registration charges in Mumbai are also set by the Maharashtra Government.
For all properties with a market value below Rs.30 Lakh, the registration charges are set at a static Rs.30,000. However, once the market value of a property crosses over Rs.30 Lakh, the buyer is required to pay 1% of the market value as the registration charges.
Also read: Advantages of Buying Property in Mumbai