The property prices in Goa likely to see some correction as the government has notified a reduced stamp duty structure for conveyance of immovable property. The move replaces the earlier 2017 government order and introduced a new slab-based system that will take effect immediately.
Further, the government has also reduced the stamp duty payable on unilateral deemed conveyance of immovable property.
As per the revised structure by the Department of Revenue, conveyances valued above Rs 600 and up to Rs 50 lakh will attract stamp duty at 3 per cent. Transactions above Rs 50 lakh and up to Rs 75 lakh will be charged 4 per cent, while those exceeding Rs 75 lakh and up to Rs 1 crore will attract 4.5 per cent.
Further under the new rules, properties valued above Rs 1 crore and up to Rs 5 crore will attract 5 per cent stamp duty. On the other hand, those valued above Rs 5 crore will be subject to 6 per cent, taking into account the value of the land covered under the earlier conveyance.
For residential units, the stamp duty has been fixed at Rs 50,000 in Category A areas, Rs 40,000 in Category B areas, and Rs 30,000 in Category C areas.
Commercial units will attract stamp duty of Rs 1 lakh, Rs 80,000 and Rs 50,000 respectively.
On the other hand, amenities and ancillary areas will be charged Rs 10,000, Rs 7,500 and Rs 5,000 across the three categories.
As per the government notification, these fixed rates will apply to each residential unit, commercial unit or amenity irrespective of its built-up area.
What are the different categories?
Category A: It comprises of coastal village panchayats and areas under the Corporation of the City of Panaji and the municipal councils of Mapusa, Ponda, Vasco-da-Gama and Margao.
Category B: It covers notified census towns, village panchayats adjoining Category A areas and the remaining municipal council areas.
Category C: It includes all other village panchayat areas.
Buying Property in Goa To Get Cheaper As Government Cuts Stamp Duty
