[ecis2016.org] Buyers have to pay a certain percentage of the property value as stamp duty, for property registration. Find out about the stamp duty and registration charges in Panjim, Goa
Goa hikes property registration charge
June 20, 2021: Owing to the stress caused by the Coronavirus pandemic that has adversely hit revenue collection, the Goa government has increased property registration charges on properties falling within the Rs 50 lakhs to Rs 75 lakhs bracket. The hike in rates is in the range of 50 to 100 basis points. According to CREDAI-Goa president Nilesh Salkar, this means that buyers purchasing a flat valued below Rs 75 lakhs will now pay an additional 1% towards registration.
You are reading: Stamp duty and registration charges in Panjim, Goa
Given below is the list of new property registration charges in Goa:
| Property worth | Registration charge as percentage of the deal value |
| Up to Rs 75 lakhs | 3% |
| Above Rs 75 lakhs and up to Rs 1 crore | 3.5% |
| Above Rs 1 crore | 3.5% |
Property registration charges in Goa before June 20, 2021
| Property worth | Registration charge as percentage of the deal value |
| Up to Rs 50 lakhs | 2% |
| Between Rs 51 lakhs and Rs 75 lakhs | 2.5% |
| Between Rs 76 lakhs and Rs 1 crore | 3% |
| Over Rs 1 crore | 3.5% |
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The Coronavirus pandemic-induced work-from-home (WFH) culture has allowed most people in India to work from remote locations, leading to an increase in property investments in holiday homes at tourist spots like Goa, which offer serene and quiet locations.
“Post-lockdown, people have realised the importance of larger spaces and self-sustained communities. The desire to have bigger spaces would definitely boost the real estate market in destinations that offer second homes. Places like Goa will definitely attract investors, because of its culture, lifestyle and the value for money it offers,” says Lincoln Bennet Rodrigues, founder and chairman, Bennet & Bernard Group, which has luxury holiday homes in Goa.
Also read: Goa luxury segment gains popularity
Those considering a property investment in this location, famous for its grand beaches and cuisine, must make themselves aware of the stamp duty on property purchases in Goa. For the uninitiated, stamp duty is the charge that property buyers are obliged to pay, to get the asset legally transferred under their name in government’s records.
While the Panjim revenue department, in August 2020, proposed a hike in the base land rates after a gap of nearly five years, to bring them in the range of Rs 100 to Rs 1,000 per sq metre, there is no dearth of affordable properties in this area.
Stamp duty charge on property registration in Panjim, Goa
| Property value | Stamp duty as percentage of the transaction value |
| Up to Rs 50 lakhs | 3.5% |
| Between Rs 51 lakhs and Rs 75 lakhs | 4% |
| Between Rs 75 lakhs and Rs 1 crore | 4.5% |
| Priced above Rs 1 crore | 5% |
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Stamp duty for women in Panjim, Goa
Unlike most states, where women buyers enjoy benefits of reduced charges, stamp duty is the same for men and women across Goa, including in the capital, Panjim. Stamp duty variations in the state are imposed based on the transaction value only.
Property registration charge in Panjim, Goa
Irrespective of the gender of the owner and the property value, buyers have to pay a uniform registration charge over and above the stamp duty to register their properties in Panjim. These charges vary between 2% to 3.5% of the transaction value.
Stamp duty payment in Panjim
While buyers in Panjim can register their sale deeds online, the government has yet to set up an online process for payment of stamp duty. So far, the buyers have to buy stamp duty papers from a notified agency or a bank, to complete the property registration.
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FAQs
What is the difference between registration fees and stamp duty?
While the stamp duty is the money you pay to attain the ownership of a property in legal records, the registration charge is the fee to get the documentation process completed.
At what price is stamp duty payable?
While the duty is different from state to state, there is a basic fixed price, known as the circle rate or the ready reckoner rate, based on which the stamp duty is calculated as a certain percentage. If the stamp duty is 6% in your state and the circle rate worth of the property is Rs 50 lakhs, the buyer will have to pay Rs 3 lakhs as the stamp duty.
What is the property registration charge for women in Panjim?
The registration charge is 1%, irrespective of the gender of the buyer.
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Source: https://ecis2016.org
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