Just a decade back, apartments in Mohali were not in much demand. People were more interested in making investments in other areas like Zirakpur. However, the circumstances have changed, and so are the real estate markets.
As a buyer, you need to know not just about the changing rates in the property but the registry rates. Keeping this in mind, here are some points that have been discussed to ensure you remain informed.
Stamp Duty Rates in Mohali
Before you learn about the current stamp duty charges in Mohali, it is essential to throw some light on what stamp duty charges are and why you need to pay this.
Stamp Duty – It is a charge that the State government levies to validate the registry of your real estate property. In Mohali, it is levied by the Punjab government. So, if you are looking for an independent house for sale in Mohali, you need to include the stamp duty with the price of the property as you have to pay this too from your pocket.
Importance of Stamp Duty
To claim the rights over a property, you need to have a legal document that includes an agreement with the stamp duty paid tag. Without this, you cannot lay claims on a property in a court of law.
Current Stamp Duty Levied – The current stamp duty in the Mohali region is 7% for men and 5% for women both in the urban areas. For joint property, where one is male, and the other is female, then the rate is 6% while for both male joint property owners, the rate is 7%. In the case of both female joint owners of the property, it is 5%.
Apart from this, there is another component that a person planning to buy a 3 BHK flat in Mohali needs to pay in addition to the stamp duty. It is the Registration Charges.
Registration Charges – When you buy a house in Mohali, you have to get it registered, and the registry will include registration charges levied by the government. In Mohali, all types of property ownership – male, female, joint (male-male, female-female, and male-female) registration charges are 1 percent of the consideration amount, and it goes Maximum up to Rs 2 lakh for all the scenarios.
What is a Collector Rate? Has it recently been revised in Mohali?
There are many apprehensions about collector rate going in the minds of residential real estate buyers. News reports published in some of the reputed portals have created a notion that the property rates in Mohali have surged. To discard all such unwarranted notions, it is necessary to highlight the facts. To understand more about the recent changes in collector rate in Mohali, it is essential to learn what this rate is.
Collector Rate – Commonly known as the circle rate among the real estate agency in Mohali, a collector rate is a guidance value. It is the price of a property below which it cannot be registered in the government’s records. The stamp duty and registration charges are calculated based on this guidance value.
Purpose Behind Revising Collector Rate – Government bodies need to increase their revenue income, and they do so by revising the levied taxes time and again. The same is true for revising the collector rate in Mohali. The property demands are increasing in Mohali more than in other parts of the Tricity. Today, more and more people are planning to buy a house in Mohali. So this rising demand seemed a reason behind the increase in collector rates in Mohali.
Is the collector rate going to affect the buying of 3 BHK flats in Mohali?
Not just flats, the change in collector rate is not going to affect the rising demand in the property of Mohali. The reason is simple – even after the increase in collector rate, the benefits of buying a property in Mohali and Kharar are far more than expected.
Further, the changes in the rate are negligible and will not affect the purchase of residential properties in Mohali.
You may go through the collector rate change in Mohali. In July 2022 the rates became applicable and today if you buy a property in any of the mentioned areas, then you may have to pay a different amount.
There are innumerable 2 BHK apartments in Mohali and you can opt for them, but make sure you do not get duped by fraud real estate developers. Stay updated with the changing property rates and duty charges levied by the State government, so that you make a prudent call.