Decoding the stamp duty and registration charges in Bangalore

Buying a property is not an easy task given the charges the buyer has to bear other than the cost of the flat. When you buy a home, it is not just the cost of the property you have to pay. There are additional charges like stamp duty, registration charges, VAT, etc. that the buyer of the home has to pay. These charges vary from state to state and are very important if you need to buy a home in your name. Many people are unaware of these charges and they fail to add this to their budget while buying a home. As per the recent rules, you should pay 5% of the total value of your registered property as stamp duty and 1% of the registered property as the registration charges in Bangalore.

stamp-duty-bhangalore

The stamp duty is levied by the state government on the guideline value of the property and the registration charges are levied for the registration of the documents. These charges are compulsory and vary from state to state. Let’s decode the stamp duty and registration charges in Bangalore that will be useful when you consider buying a property.

Stamp Duty is a way of documentation of the property on a stamp paper when buying and selling a property. When it is done on the stamp paper, it is considered that the documentation is legal. Stamp Duty is paid when buying the stamp paper and it is a tax collected by the government. The document with the stamp duty paid is considered to be the evidence of the sale of the property. The Stamp Duty is fixed by the respective state governments and differs from state to state.

Stamp Duty is calculated on the basis of the market value of the property. It is 5% of the total value of the registered property and the buyer has to bear it. Stamp papers of the value equivalent to the value of the stamp duty have to be purchased in the name of the people involved in buying and selling of the property.

The charge levied on the registration of the property is called the registration charges. The charge is actually the processing fee charged by the registering authority and implies that the property is registered in the name of the buyer and has all the legal rights. Registration charge is 1% of the total value of the property registered.

Horamavu is an area in Bangalore that is just 3km from K.R. Puram railway station. It is a very fast developing neighborhood in Bangalore and there are various new projects in Horamavu that are coming up by the established builders. For registering the project in Horamavu, you should be aware of the various charges like Stamp duty, registration charges, Vat, etc. and consider them into the budget of the flat.

While buying a property, stamp duty, registration charges, and various other charges play an important role in the total cost of the flat. Hence, always consider these charges when buying a property to avoid exceeding your budget.

Rental flats management service in Gurgaon

Rental property management is a thriving business in India. There are a number of property owners who rent out their properties while they live in some other city or country. They need someone to take care of their properties as well as manage the renting process. Rental property management services offer a wide range of services to these property owners. Some of the services they provide include finding tenants, showing the property to customers, completing paperwork, collecting rents, monitoring of property, housekeeping, managing repair, and maintenance, dealing with residential associations or societies, etc.

flats-for-rent-in-gurgaon

Gurgaon is a popular residential city where a number of housing options are available for rent. Property owners who have houses or flats for rent in Gurgaon can get the services of a number of top-class rental property management companies operating in the city say the experts at property.sulekha.com.

Prop deal

A leading property management company that provides services like advertising the property, background verification and rent agreement, house key management, rent collection, bill payment, and regular property inspection. Maintenance services include fixing plumbing, electricity, painting, gardening, house cleaning, and woodwork related problems. They showcase the rental properties to prospective customers by uploading professionally shot photos in property portals or sent as luxury mailers.

Blue Leaf

Offering comprehensive rental management services, this company helps the owners in finding the right tenants and managing the complete rental cycle. From supervising repairs, maintenance, and cleaning works to representing the owner for all property relates matters like property inspection and tenant issues, the company acts as a single-point-of-contact property manager.

Prop Manage

The company assists in tenant placement and related rental services. They maintain vacant properties and undertake innovatively and cost saving renovation work. The rental management package includes background verification, finalization of rent agreement, on-call repair and maintenance services, resolving issues between owner and tenant, and inventory checks during move in and moves out.

Per Square Feet

A committed team of residential property management services offers professional assistance in rental property management. They help in finding the tenant, manage legal issues, arrange for safety certificates, take up routine repair and maintenance, and attend to emergency situations any time of the day. Even when the property remains vacant, they oversee refurbishments and general management issues.

Renting Mantra

The company provides high-class rental management services that include customary property inspections, round the clock maintenance and emergency repairs, screening of tenants, effective marketing of rental properties, and maintenance of tenant security deposits and documents.

Paying Guest accommodation in the IT hotspot of India

Bangalore is the largest IT city in India, not just in terms of revenue but also in terms of number of professionals working in the city. Known as the Silicon Valley of India, Bangalore in the past decade has witnessed a new breed of highly paid young working professionals who had relocated to the city for job purpose. The city also attracts a lot of students who come there to pursue higher education in the city’s reputed education institutes. Most professionals and students coming to Bangalore are looking for temporary residential options from rental and paying Guest segments.

apartments for rent in bangalore

Nagawara is one of the prime locations in Bangalore that attract a lot of young professionals for paying guest options in accommodation. Here are 5 advantages that IT freshers hunting Paying guest in Nagawara and its neighbourhood areas can enjoy, according to real estate portals.

  1. Locality and facilities

As a professional, you may not be contended with your stay in rent sharing apartment in Bangalore. Choose PG accommodations in Bangalore in best localities that are available with modern amenities, close to best infrastructure facilities in the city.

  1. Fully furnished space with housekeeping services

PG in Nagawara and other best localities in Bangalore offer extensive services included in the rent. Fully furnished homes with appliances and furniture managed by regular housekeeping service make living for IT professionals all the more comfortable.

  1. Food availability

Food is the biggest challenge for working professionals. IT professionals in PG house have better time with timely food and refreshments. The cooks and maids find it easier to cater to PG tenants owing to landlord’s presence in the house.

  1. Home security

PG sharing is more secure than living in a dorm or in shared rental accommodations in flats. The fact that you can share the space with your landlord and other tenants makes the area all the more secure.

Moreover, your house is never empty, even on weekends. IT freshers hunting for PG accommodation find this aspect most alluring in their first few months of stay in Bangalore.

  1. Zero conflicts

In PG accommodations, tenants have lesser events of altercations and conflicts. The landlord is available to resolve any issue for a harmonious stay.

Hence, fresher IT professionals prefer to stay as paying guest accommodation in Nagawara, HBR Layout and RT Nagar.

To Buy Or Not To Buy an Apartment in Bangalore

Should you buy an apartment in Bangalore or should you rent one?

The age old question when it comes to choosing property is whether to rent property or to buy it. The answer is certainly not universal as it varies from situation to situation. In cities like Bangalore, there are plenty of options for both renting and buying. Renting an apartment in Bangalore is a great idea for students and young professionals since the rates in the localities they frequent are not too high.

Bangalore is a renter’s heaven as it has numerous properties for rent at affordable prices. The city is known for its high-rise apartments with numerous low-priced flats. These flats are easy on the pockets and they make life a lot easier as they come with a lot of facilities.

apartments for rent in bangalore

However, if you are looking to settle down in the city, then buying a flat is a good idea especially since there are plenty of good localities in Bangalore with affordable apartments. These apartments come with a range of facilities which will provide you a lifetime of convenience. The facilities include round-the-clock security, gyms, shops and some apartments even have crèches! There is no shortage of luxury in most new apartments in the city as they come with swimming pools and manicured lawns.

Living in Bangalore is a great idea, whether you want to rent or buy a property. As mentioned earlier, the toss-up between buying and renting property can only be settled after weighing your options. Property websites have a ‘Rent vs. Buy Calculator’ which help you determine whether you are better suited for renting a property or buying one. Once you calculate your perfect option, search for your ideal property on the site to begin a beautiful life in beautiful garden city of Bangalore.