As per Maharashtra Stamp Act 1958, the purchaser has to pay a stamp duty @ 5% of market value or Agreement Value, whichever is higher. This rate is 6% within the limits of Thane Municipal Corporation. This market value of the Premises is on basis of stamp duty ready reckoner issued by government in the begining of every year. Furthermore, registration fees is payable @ 1% of market value or Agreement value (whichever is higher) and is subject to the maximum of 30,000/-.
When you decide to enter into an agreement with Prima Terra Buildtech, the stamp duty amount is calculated as per the agreement value or market value, whichever is higher. Once the stamp duty amount is determined, the flat purchasers need to get the pay-order, for franking of the agreement. Later, the agreement is duly filled in and executed by the respective parties.
The stamp duty paid on the Agreement has to be registered under the Indian Registration Act 1908 with the sub-registrar of Assurances, of the jurisdiction where the property is situated. The basic purpose of registration is to record the entitlement of the premises.Disclaimer: Nothing confained herein amounts to legal/financial advice. Please Contact your professional / legal advisor.