Know about Property Registration Charges in Lucknow
- 03 Mar 2022
Know about Property Registration Charges in Lucknow
Residential projects in Lucknow are witnessing a modern makeover. Lucknow has become the fastest-growing Indian city with large-scale developments and seamless connectivity. If you want to know the property registration prices in Lucknow, then here are the essential details for you before buying flats in Lucknow.
What is Stamp duty?
Stamp duty is the charge that property buyers need to pay at the time of registration of the sale deed. It is a state levy fee. The stamp duty charges vary from state to state.
What are registration charges?
Along with the stamp duty, the property buyers must pay the registration charges. Some states charge a flat registration fee, and some charge it as 1% of the overall transaction value.
Stamp duty and registration charge in Lucknow
In Lucknow, the stamp duty charges are different for men and women. To support women, many states charge a lower stamp duty for them. This is one of the best ways to encourage property ownership among women in India; Uttar Pradesh is one such state that charges low stamp duty from women buyers.
Lucknow Stamp duty and Registration charges - Women
When a property is registered in a woman's name, the stamp duty is 6% of the property value but the maximum amount of discount is Rs 10,000. Also, the women buyers in Lucknow need to pay 1% of the property value as the registration fee.
Lucknow Stamp duty and Registration charges - Men
When the property is registered in the name of a man, the charges are 7%. Like women, the men buyers in Lucknow also pay 1% of the property value as the registration fee.
Stamp duty and Registration charges calculation Example
For example, if a home in Lucknow is priced at Rs 50 lakhs and registered in a woman’s name, she will have to pay Rs 3.4 lakhs (3,50,000 – 10,000 discount for women) as stamp duty and 50,000 as a registration charge. A total amount of Rs. 3.9 lakhs.
The charge will be Rs 3.5 lakhs as stamp duty and 50,000 as a registration charge for a man. A total amount of Rs. 4 lakhs. So, a woman buyer saves Rs 10,000 on the house purchase.