Budget Housing Made More Affordable: Karnataka Government Reduces Registration Charges
Updated: Apr 6, 2021
With an aim of housing for all and to ease the burden on homebuyers of the affordable housing segment, the Karnataka government has revised the registration charges for residential flats costing less than ₹35 Lacs.
The government on Friday, 20th November 2020 promulgated an ordinance to amend the Karnataka Stamp Act to affect the rate cut.
The earlier stamp charges were 5% on all residential apartments that have now been revised to give a boost in the real estate sector.
Registration Charge of 2% for properties below ₹20 Lacs
The government has announced that for homes costing less than ₹20 Lacs, registration fees of 2% shall be chargeable. This will provide homebuyers a relaxation of 3% on the current registration charges.
Registration Charge of 3% for properties between ₹20 Lacs to ₹35 Lacs
For residential apartments in the price range of 20 to 35 Lacs, the revised registration charge would be 3% of the cost of the apartment. This shall help homebuyers save 2% on the registration charges from the existing rate.
This is a much-appreciated decision that shall help in cherishing the dreams of thousands of homebuyers.
With the new registration rates in place and lowest ever housing loan interest rates, now is the right time to buy your dream home!