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Plot Stamp Duty Fees and Registration charges in Bangalore

This article is a breakdown of stamp duty fees and property registration charges in Bangalore. Continue reading to learn how to pay stamp duty fees online which will save you time and money.

Bangalore’s streets, like its population, are constantly bustling. Purchasing a new home in a big city where the majority of the population has gone for work might be difficult for many. The most difficult bits of information are usually the procedures to follow, the documentation that will be necessary, and the cost that must be budgeted for.

The Karnataka state government has established the stamp duty fees and property registration charges in Bangalore, which are detailed below.

Plot Registration Charges in Bangalore

The plot registration charges payable to the Karnataka state government for each new registration are one per cent of the total value of the property. Hence, for example, if the value of your plot of land is 40,000 INR, the registration fee to be incurred will be 400 INR.  Unlike stamp duty and other fees, the proportion of the registration fee is fixed and does not change depending on factors such as the overall cost, location, and so on. The fee is applicable to both commercial and residential properties.

Plot Stamp Duty in Bangalore

The calculation of the plot stamp duty in Bangalore can be done based on the following table that lists the current stamp duty rates. Furthermore, you can use the cost calculator here, for calculating your stamp duty fees and registration charges.

Type of Charge Applicable Rate
Property registration  1% of the property value
Stamp duty 5.6% on properties above Rs. 20 lakh

2% on properties less than Rs. 20 lakh

Cess 10% on the Stamp Duty
Surcharge 2% on the Stamp Duty (urban areas)

3% on Stamp Duty (rural areas)

For instance, if the rate of your 1000 sqft plot, located in an urban area is 5000 INR per sqft, the saleable value of the plot will be 1000×5000=50,00,000 INR

This basic cost will incur a registration fee of 1% which will be: 50,00,000×1%= 50,000 INR

And the stamp duty charge on this value will be: 50,00,000×5.6%= 2,80,000 INR

The total additional cost to be paid can add up to be a significant amount, however, the charges are necessary to file the paperwork that will lend legitimacy to your property. A property without the complete paperwork will not be able to be resold for its actual value.

Furthermore, these charges are paid as a tax towards the government and are one-time charges only. Thus, paying these in full is in your best interest.

How to Pay Stamp Duty Online

Step one: Open the official website for e-stamping services.

Step two: If you are a new user, click on “e-registration”, then choose “secure login”, click on “new registration” and fill out the short registration form. Registration is mandatory for using the website and availing of its services. Although, the registration process is quick and simple.

Step three: Make sure that the contact information you enter in the registration form is valid. The validity of the e-mail address and phone number that you enter is crucial for your registration.

Step four: Create a username and set a password for your account. These credentials will enable you to log into the portal for future use.

Step five: Verify and activate your account through the authentication link sent to your e-mail address. When you click on the link, it will redirect you to the e-stamping website where your registration will now be complete.

Step six: Start filling out the form on the screen. Select your state from the drop-down menu, then select the nearest SHCIL branch, enter other mandatory details for the columns such as first-party name, second-party name, article no., stamp duty paid by, and stamp duty amount. Once you have entered these details, you can generate an online acknowledgement number for future reference to your request.

Step seven: You will have to visit the nearest SHCIL branch to collect physical proof of your payment in the form of a printed hardcopy of the e-stamp certificate.

Step eight: You need to pay the stamp duty fees at the payment gateway, which you can do through cash, cheque, demand draft, pay order, RTGS, NEFT and account transfer.

Major Difference between Sale Deed & Sale Agreement

The two main documents involved in the transfer of land are the sale deed and the sale agreement. Also, knowing the difference between a sale agreement and a sale deed will enable you to protect yourself against fraudulent transactions.

An agreement of sale is, as the name suggests, is simply an agreement or an understanding between two parties that shows that both parties are interested in the prospect of a transaction.

The sales deed is a legally binding document that certifies the ownership of a property. It is mandatory to register a sale deed with the respective office under the Registration Act, 1908.

  The key difference between a sale deed and a sale agreement are listed below:

Sale Agreement Sale Deed
Not mandatory to register in all states Mandatory to register
Only implies that a transfer may take place on a Future date Is the proof of transfer and means immediate Execution of the transfer
The things stated may or may not be completely followed The things stated are already agreed upon and executed
Failure to comply may or may not cause legal issues The failure to comply will lead to serious legal ramifications

The above information on stamp duty and registration fees, as well as the distinction between a sale deed and a sale agreement, will assist you in purchasing a property, particularly a plot of land.  When looking for a construction company in Bangalore to help you realize your vision, you need not look further than Brick&Bolt. Brick&Bolt is one of the leading construction companies in the area that enables you to control and monitor each step of the project without even having to be physically present at the site.

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Perks of Ready to Move Flats

In the present scenario of fast-paced life, buying oneself a spacious abode is a luxury in itself. With available means for the needs of residents, a resplendent setup of fine decoration yields an upgraded lifestyle. Investment in home buying, therefore, is never a secondary option when it comes to earning a reputed address. The urban cities have expanded their region of elegant society and with posh ready-to-move flats in Ahmedabadthe sound quality of material used, people do not face any more travail in searching for a comfortable living.

From highs to lows and nooks of the city, the developers have expanded their business of accommodation to support a large population. Various types of flats and apartments of different sizes are available depending upon:

  1. Budget:

Oftentimes, monetary issues hinder buying the desired home with extra amenities. The segmentation of budget with respective distribution for an affordable selection of houses marks an important aspect in choosing our locality.

  1. Neighbourhood:

When it comes to extravagant living, address and locality are certain aspects to consider. If there are malls, supermarkets, schools, and various stores within reach around the home, it helps one with easy access and, thereby, raises the interest of customers. This also adds to the cost and rent determination.

Benefits yielded from Ready to Move flats:

Amongst few notable benefits involved in some ready to move in flats, there are:

  1. No uncertainty
  2. No delay: Project delay is a risk that automatically gets eliminated from such projects that are all ready for settlement.
  3. No GST: One does not have to bother about GST and other taxes.
  4. Completely aware of the final purchase.
  5. Reliable material and setup with no hypothetical sample layout.
  6. For people not being able to afford rent and EMIs, ready to move in flats work best.
  7. When it comes to residential plots with up to 15% commercial space, they are treated as residential properties under GST.

If one seeks a prime location of ready flats, then it ensures the consumer in:

– All-time security: The best apartment complexes have all-time security and video surveillance.

– Parking: No more issues of finding space for parking the vehicles, the ready parking saves the travel time.

– There is easy mobility: If you need immediate change and relocation, ready to move in flats serves just the purpose.

– Easy and safe investment.

All these services, benefits, and perks of living in comfort style have established a trend of quick and approachable relocating spots. The ready-to-move apartments in Gurgaon have 2-3 BHK homes, at suitable luscious locations, affordable price ranges, and amenities with a common gym, spa, playground, etc. Adani Realty has some great projects going on for you to choose from.

The competition amongst developers has also increased the standard of selection, choice, and material to lure more and more customers. Getting influenced by such factors, the developers, project initiators, constructors, and labor have to keep a close profile check. From the study of market demand, population inclination, material cost, locality, amenities, profit, and economy to government laws, every factor is considered in determining cost and development.

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Real Estate

4 Key Tips For Finding The Best Tenants

When finding a new tenant for one of your properties, it’s vital to ensure they’re reliable, open to contact and able to occupy your property without causing any issues for you. Here we have some tips for filtering out unreliable candidates and getting good-quality tenants, and granting yourself peace of mind as a property owner. 

Look At Their Career

The work a person does informs the majority of their habits. The most important factor here is obviously income, as this ties into rent reliability directly. A hedge fund employee seems like a great example, until the fund goes bust and suddenly they’re out of a job! Good property management services will be able to mitigate these unforeseen events and their consequences. 

Ask For References

This may seem like common sense, but you’d be amazed at how often references aren’t even brought up. Some references are obviously easy to fake, so it’s usually a good idea to ask for more concrete credentials or have a phone call with the referee. Peace of mind is paramount when tenant-hunting, especially considering how stressful it can be. Of course, any applicant without references is probably not worth your time or energy, unless they can procure some on demand. 

Establish A Rapport

Once you’ve narrowed your list down to a shortlist, it’s time to get to know potential tenants. All aspects of their lives could inform how they behave on your property. Hobbies are an important subject to broach; a wargaming enthusiast will create far less mess than an exotic pet owner, for example. This is also the perfect time to establish a healthy tenant-landowner relationship. By setting boundaries early and getting to know them, your prospective tenants will be more likely to conduct themselves correctly. 

Be Selective

While it may be tempting to go with the first promising candidate you can find, it’s often best to make a shortlist and ponder your options carefully. After all, you may well end up having the same tenants for years, so being hasty isn’t in your best interests. Additionally, choosing a candidate should be based on reliability as opposed to total potential rent. A steady income is always better than a large, but unreliable one. It’s also advisable to choose the least interesting candidate, since it’s unlikely they’ll have any dramatic upheavals that will interrupt their payments. In short, ensure your revenue goes uninterrupted for as long as humanly possible. 

Final Thoughts

A lot of these tips may seem like common sense. But it’s never a bad idea to reiterate the basics. A lot of the human element in property management comes down to nothing more than commonsense, people skills and overall observation. At the end of the day, it’s your time, effort and money. So why not take all the necessary steps to ensure they don’t go to waste? 

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House

Best Family-Friendly Communities in Dubai

Searching for the perfect place to live in Dubai can be challenging, and it can be much more challenging if you are looking for a home for a family with children. You must choose a place that is close to schools, nurseries, parks, clinics, supermarkets and all other facilities meant to satisfy your family’s daily needs without having to take long daily drives to satisfy your simple needs.

Here are our 3 top picks for the best family-friendly communities in Dubai:

Al-Furjan

Living in Al-Furjan means you’ll always be connected to Dubai’s most famous attractions including, Dubai Marina, Downtown Dubai, Dubai International Airport, and more due to the exceptional road network that will grant you easy access to these locations.

What makes Al-Furjan the ideal place for families is the diversity of the facilities and amenities it offers to all family members, from kids to adults. Your everyday needs will be easily met while at Al-Furjan as it has schools, pharmacies, supermarkets, restaurants, retail shops, and more.

You and your family will also enjoy public parks, playing grounds, a sports arena, fitness studios, and temperature-controlled pools for adults and children.

And let’s not forget about its strategic location. Positioned in the Heart of Dubai, Al-Furjan offers more outside its borders. It will only take you a 20-minute drive to reach the NMC Royal Hospital and 12 minutes to go shopping with the family at Ibn Battuta Mall.

Meydan, MBR City

Whether you are planning to purchase or rent a family residential unit, you can find a variety of options in this vibrant area, Starting from 4-bedroom flats to villas with dedicated parking areas.

Your kids’ education is always a priority; that’s why when looking for a new home, you need to take the available schools around you into consideration. MBR city will be the perfect choice if your children are at school attending age. There are two prestigious school options here, The North London Collegiate School with classes ranging from nursery to year 13, and The Hartland International School.

MBR city also offers great connectivity given its closeness to Sheikh Zayed Road, Al Khail Road, and Sheikh Mohammed Bin Zayed Road. You will always be able to spend a spectacular day at one of Dubai’s stunning beaches including, the Jumeirah Beach and Sunset Beach that will take a 12–15-minute drive to reach.

The city also hosts many entertainments and sports destinations such as the award-winning Meydan hotel, a golf course, and a tennis academy. In addition to cycling and running tracks.

Palm Jumeirah

There is no doubt that the astonishing scenes of this man-made wonder present it as residential heaven. All properties located at Palm Jumeirah have their own calming sea view. What’s better than waking up to such a beautiful view? But the question remains: why is it a good residential option for families?

What makes The Palm a top choice for families looking for residential properties is the available amenities within the area. The Palm residents are guaranteed to find all the facilities they need including hospitals, pharmacies, supermarkets, hotels, restaurants, and more.

It also offers some great schools and nurseries such as Blossom Nursery, American School of Dubai, and many others.

 To keep your kids active and enjoy some quality outdoor time with them, you can go on morning walks with them at Al-Ittihad Park or take them to watch the shows of the iconic musical fountain located at The Pointe.

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