How to calculate Stamp Duty on Real Estate (Flats and Shops) including Car Parking and Open Terrace Balcony

Stamp Duty and Registration are two inherent parts of Any Real Estate Purchase, Sale or Gift Transaction in Maharashtra, however, the method of calculation of Stamp Duty and Registration can differ widely depending on the type of property, the age of the property, the location of the property, the floor of the property, the type of transaction and the parties in the transaction.

For a simple purchase of a new or resale flat, the Stamp Duty is payable at the flat rate as declared from time to time by the State Government for different districts. 

The Current Stamp Duty Rates in Navi Mumbai, Maharashtra is 5%.
Registration is capped at 1% of the value of the transaction subject to a Maximum of Rs 30,000 in Maharashtra.

 
There can be an additional surcharge (Municipal CESS etc) of 1%, depending on the location of the property and whether it falls under a Municipal Corporation or not.
There could also be an additional surcharge which may increase the Stamp Duty payable by upto 2%. So Please check accordingly.
Women Get a 1% discount in the Stamp Duty amount.

Note: It is a misconception that new flats or old flats cannot be sold below the ready reckoner.
The Flat can be sold at any price but the stamp duty will have to be paid at the Ready Reckoner Price/Rates as declared by the Govt every Financial Year (1st April to 31st March).
These rates are different for Flats, Offices, Open Plots, Shops etc.
The latest rates can be found on this site

First the correct district has to be chosen and then the location of the property as per plot no or sector number or TPS number etc., has to be selected and then the price will show up (per square meter of built-up area).

First the size of the flat/Plot/Shot is calculated in Square Meters. Then this is multiplied by the rates given on the Ready Reckoner site for different types of properties i.e.Residential/Commercial/Shop/Open Plot etc.

Ready Reckoner Website

Ready Reckoner Website screenshot showing the valuation rates of properties

Stamp Duty on Gift Deeds

Discounted Stamp Duty on Gift Deeds is applicable only on transfer to Blood Relatives
Stamp Duty on a transfer from Son to Father is 4% in Maharashtra Currently
Registration is 1% (Subject to a max of 30,000

Shops/Plots located on ground floor adjoining a street of 12 meters width or more..shall be valued at 110% of the Rates specified in the Ready Reckoner list

Built Up area V/S Carpet area for Stamp Duty Calculation

Rates for Stamp duty are calculated in Sq Meters (Built up area). 

The Ready Reckoner rates are also given in Square Meters. 

But flats, offices and shops may not have their measurements in square meters but in Square Feet. And also, the area may be Carpet area instead of Built Up area...hence...

The conversion formula from Carpet Area into Built Up area for Maharashtra is ...
Carpet area = Built up area / 1.1 
The conversion formula for Built Up area to Carpet Area is.......
Built up area = Carpet area x 1.1 

Calculation of Stamp Duty for Balcony, Loft, Basement, Terrace

• Enclosed Balconies are evaluated @ 100 % of their area
• Open balconies are considered @ 40% of their actual area.
• Attached Open Terrace is taken @ 40% of its actual area.
• Terrace accessible from within the flat but located above the flat is taken @ 25% of its actual area
• Terrace accessible from within an office or shop but located above the same is taken @ 40% of its actual area.
• Loft area of is taken at 50% Loft area of premises other than residential is taken at 25% Basement area (other than car parking) when used as shop/godown is taken at 70% of its actual area

Car Parking for Stamp Duty

Open parking on ground floor is valued at 40% of the ready reckoner value.
i.e.. 40% of the actual area of the car parking.
Covered Car parking/Stilt Car Parking is taken at 25% of its area

Generally, open car parking for 1 car is taken as 6.97 square meters...or 70 sq ft (approx.)
So the actual area considered for stamp duty will be 40% of 6.97 sq meters ie.2.78 sq meters

Reduction in stamp duty is also available as per the building and whether it has lift/Elevator or not

Value to be considered in building without lift/Elevator

Serial Number	Floor	Value of Flat to be considered
1.	Ground Floor	100%
2.	Stilt / First Floor	95%
3.	Second Floor	90%
4.	Third Floor	85%
5.	Fourth Floor and above	80%

Increase in valuation in Buildings with Lift/Elevator

Serial Number	Floor	Value of Flat to be considered
1.	Ground Floor to 4th floor	No increase
2.	Fifth to 10th Floor	5% increase
3.	Eleventh to 20th Floor	7.5% increase
4.	Twenty First and above	10% increase

Depreciation allowed for Stamp Duty in Maharashtra 

Age of Building	Type of Construction	Depriciation allowed
0-2 years	RCC	0%
2-5 years	RCC	5%
5 years and above	RCC	1%  per year (Max of 70%)

Typical Stamp Duty sheet from the Registration office showing exactly how Stamp Duty has been evaluated for the particular property is shown below....

For a more detailed paper on the calculation of Stamp Duty and Registration, please check here

Registration office Document showing the Calculation of Stamp duty for a flat in Navi Mumbai