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October 15, 2021

All about Stamp duty and Registration charges in Kochi

Buying a property in gods own country is a milestone. Owning a Villa or Apartment in a hot spot of properties is a dream for many people. Kochi is the most demanded place in Kerala for residential and commercial space. A metro city, where people settle for working population and  flauting the tag of excellent facilities in education and healthcare Kochi always stand in the first position when it comes to real estate. Flats for sale in Kochi can create a rush among the people because of its demand in the state.

Choosing your property is the first step you put forward. Always find a calm place which has all facilities, an ultimate property would be in a calm place away from the busy city but could enjoy the night lights of the city. Apartments for sale in Kakkanad regions have a high demand as they are not much into the busy city and are the heart of location for working people.

The important points to be noted when you buy a property are:
1 Encumbrance Certificate
2 Mutation Records
3 Agreement
4 Stamp Duty
5 The Sale Deed
6 Registration
7 Changing the property title
8 Property Tax Payment

Stamp Duty is a tax imposed by the state government on the sale of a property. Registration charge is an additional levy to over the cost of operation registration offices. This is separate from stamp duty, and in both cases it is payable by the buyer. In Kochi, stamp duty is charges on the value of consideration that is the declared property transaction value as on the sale agreement. This fair value is set by the Department of Registration, by the government of Kerala. In Kochi currently the stamp duty is at eight percent of the fair value or value of consideration whichever is higher.

For example If you see a Villas for sale in Kochi and plan to buy one. Say the property fair value is 80 lakh and the consideration value is 70 lakh registration will be calculated on the fair value as this is higher (80 lakhs). Always approach a trustable builders to keep away the hectic paper works of registration. Kerala is a state which warmly welcomes you with many opportunities and suitable home. If planning to have a new home then do not get worried about the registration charges and stamp duty when you see Apartments for sale in Kochi. Be in your dream home in the most demanded place in Kerala.