Stamp duty and Registration Charges on commercial property in Goa were hiked up recently, on June 20, 2021, aiming at the COVID pandemic hit. The hike rage is between 50 to 100 points. A person purchasing the commercial property above the price of 75 lakh ought to pay 3% towards the registration and Stamp Duty.
The effect of COVID has initiated work from home for many IT employees across India, and many people have realized the need for larger spaces which boosted investments in the holiday destinations and serene locations like Goa. These holiday destinations have turned into second homes for many, and locations like Goa are more likely to bring more investments into the locality. If you are planning to buy a commercial or residential property in Goa, you should try and get an update on recent stamp duty and registration charges of Goa that the potential buyers are obligated to pay when they want to get the property registered in their name.
When you are looking for commercial investment in Goa, it becomes indispensable to bear stamp duty and registration charges to get the ownership transferred to the name of the buyer.
STAMP DUTY AND REGISTRATION CHARGES FOR COMMERCIAL PROPERTY IN GOA
The revenue department of Goa has recently hiked the stamp duty and registration charges for Goa after five years with the aim of bringing the range of 100 to 1000 per square meter. Stamp duties in Goa are calculated as per the transaction value of the commercial property purchased, and these charges vary across different locations of the state. The registration charges on the commercial property amount to 3% of the total transaction value and 1.5% in the case of housing cooperative societies.
| Value of property | Stamp duty charges in Goa | Registration charges in Goa |
| Value upto Rs 50 Lakhs | 3.5% | 3% |
| Property value above Rs 50 Lakhs- Rs 75 Lakhs | 4% | 3% |
| Property value above Rs 75 Lakhs – Rs 1 Crore | 4.5% | 3.5% |
| Property value above Rs 1 Crore | 5% | 3.5% |
| Sale of agreement | 2.9% | 3% |
| Deed of Conveyance in Favour Co. Op. Societies | 3% | 1.5% |
Factors affecting stamp duty and registration charges in Goa
Unlike other states, Goa state does not offer any concession and stamp duty to women or BC sections of the society. Various factors that influence stamp duty and registration charges
- Fluctuations in property rates.
- The property price in the location varies as per the amenities, location, and type of the property, like residential and commercial.
- Government decision to hike stamp duty and registration charges.
- Usage of the property for commercial and residential purposes also influences the stamp duty charged on the property.
Calculating stamp duty in Goa
When you are going to purchase a commercial property in Goa, you have to calculate stamp duty and registration charges using Goa stamp duty calculator based on the market price or circle rate of the property, whichever is higher. If you are purchasing a property value of 50 lakh, you have to pay 3.5% of the transaction value towards stamp duty and 3% towards the registration charges.
PAYING STAMP DUTY IN GOA
One has to purchase the stamp paper from the authorized professional, which includes every detail with respect to the property you are purchasing in Goa. The stamp paper has to be submitted to the registered office within four months of issuance. The stamp paper should be duly signed by both parties of the agreement, seller and buyer.
Another method to pay stamp duty for a property purchase in Goa is franking. The sale of the agreement is done on plain paper and is submitted to the bank for franking. The authorized bank then uses a franking machine to document the statement further. For all this process, the bank charges a certain fee of 0.1% of the property value as their fee for the service.
Online paying of stamp duty is another way of paying the stamp duty by visiting the document registration website Goa. You can easily calculate the stamp duty of the property on the website using Goa stamp duty calculator and pay it online.
How to register a property in Goa?
To register the property online in Goa, follow the steps below.
- Reach the Government registration website Goa
- Register at the website as a citizen giving the complete details to get your user name and password.
- Log in with the user details, and click on document entry to fill up all the details for the property registration process in Goa.
- After you upload the needed documents and details, you should give all the property details like district, property type, area, location, and governing body.
- Once the valuation is completed, the party entry screen appears on display. Now enter the details of the party and save the details from moving on to the next step to give the witness details and save.
- Stamp duty screen displays on the screen, and you have to enter stamp duty for a considerable amount, and registration charges will be calculated.
- After E- challan is generated, you can make the payment through net banking, credit card, and debit card.
- A list of uploaded documents will be generated, and you have to upload the payment receipt and submit the details.
- On the appointment screen and you have to select the appointment date and time as per Goa stamp duty schedule. On the date of registration, you have to submit all the needed documents physically at the sub-register rate on the scheduled date, and commercial property in Goa is registered in your name.
Conclusion
With raise in the stamp duty charges, you have to pay more for the property prices. The raised property prices will stay between 3% to 5%, and the registration charges will fall between 3-3.5%. Goa government facilitates both online and offline payment for stamp duty and registration charges. On-time payment of these charges as per Goa stamp duty schedule is advisable for a smooth transaction and avoiding of penalty.
Also read Conveyance deeds and it’s importance.
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