As discussed earlier, property registration in Karnataka is essential to get ownership. This rule is mandated by Section 3 of the Indian Stamp Act 1899, which again authenticates a property’s sale agreement and maintains an appropriate record for it.
Individuals should know that the stamp duty and registration charges vary from state to state. It can increase with the property type and size.
Recently the Karnataka Government has reduced the stamp duty charges by 3% for homes ranging between ₹35 lakh to ₹45 lakh.
This decision has made the stamp duty charges affordable and initiated healthy savings for property buyers. Moreover, the Government targets sale of affordable housing in India, which is nearly 48% of the unsold inventory.
Hence, a reduction in stamp duty indicates growth in demand for such affordable housing.
Let’s check what are the current stamp duty and registration charges in Karnataka.