Stamp duty and registration charges in Ranchi

[ecis2016.org] Mentioned in this article is the cost that buyers have to bear as stamp duty and registration charges in Ranchi

As is true of home purchases anywhere in the country, property buyers in Ranchi, the capital of Jharkhand, have to pay a significant amount of the overall property cost towards stamp duty and registration charges. Note here that registration of sale deeds is mandatory under the Indian Registration Act, 1908. Only a registered sale deed acts as a legal proof of a buyer’s ownership over a property/land. We look at the cost that buyers have to bear towards stamp duty in Ranchi and registration charges.

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Stamp duty and registration charges in Ranchi

(As percentage of the property value)

Irrespective of the gender, those who buy property in Ranchi have to pay a combined 7% of the deal value in stamp duty and registration charges. If the property is worth Rs 50 lakhs, for example, the buyer will have to pay an additional Rs 3.50 lakhs towards these duties.

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Note here that the Jharkhand government recently rolled back the waiver it offered to women on the registration. With an aim to empower women, the Jharkhand government had, in 2017, announced that women will have to pay only Re 1 as the token registration charge for purchases worth up to Rs 50 lakhs. However, due to the huge loss to the state exchequer owing to the waiver, the state government, in May 2020, rolled back the scheme.

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How to calculate stamp duty charge in Ranchi?

Buyers have to pay the stamp duty based on the property’s value. This value cannot be less than the government-determined circle rates that are revised from time to time. The stamp duty will be calculated on the higher of the two amounts:

• Average value as per the circle rate.
• Purchase value.

Suppose, the circle rate in the area, where you are buying a 1,500-sq ft plot is Rs 1,000 per sq ft. In this case, you cannot register the property for less than Rs 15 lakhs (1,500 x 1,000). Even if the seller is willing to sell this plot for Rs 14 lakhs, the plot’s sale will not be registered below Rs 15 lakhs. However, if the plot is being sold for Rs 20 lakhs, you will have to get it registered on this value.

In any case, 7% of the amount will be paid as stamp duty and registration in Ranchi on property purchases. To do the calculation, buyers in Ranchi can also log on to regd.jharkhand.gov.in/jars/website.

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Online stamp duty payment in Ranchi

The entire process of stamp duty payment and property registration in Ranchi, can be completed offline. However, like in many Indian states, buyers can pay the stamp duty and registration charges online, as well. For this, one has to visit the Stock Holding Corporation of India website, www.shcilestamp.com. You could register yourself through the website by providing your mobile number and email id. Once you are registered, log in and select your state and the closest SHCIL branch in your city. After keying in all required fields, a reference receipt will be generated. You will have to use this receipt to get a copy of the e-stamp certificate from the nearest SHCIL branch.

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