Lucknow is famous for its tehzib and rich cultural heritage. However, in recent years, it has emerged as a real estate hotspot. With opportunities pouring in and developers bringing luxury and affordable projects, more and more buyers are interested in investing in the capital city of Uttar Pradesh.
Lucknow’s real estate sector is further boosted by modern infrastructure. Luxury residential projects, well-constructed highways, and connectivity to and from other states and cities. Competitive housing prices have also made it a buyer’s dream investment destination.
So, if you’re a potential buyer and considering investing in Lucknow’s properties, here are some tips to streamline the registration process.
Property registration process in Lucknow
Stamp duty and registration fee in Lucknow
Homebuyers in Lucknow need to understand the difference between stamp duty and registration fee. Stamp duty and registration charges may vary state by state, transaction value, and homebuyer’s gender. The rates of these two may change the overall cost of the property. So, ensure to calculate stamp duty and registration charges beforehand to check fund availability. You can consult a real estate agent to understand these terms better.
While men are charged 7% of the total property value as stamp duty, women are required to pay 6% of stamp duty on the total cost of the property.
Special benefits for female homebuyers
The Lucknow government offers special benefits for female homebuyers who buy a property worth 10 lakh. If their property cost falls in the 10-lakh bracket, the state government gives them a 1% discount upon registration. This results in substantial savings for female buyers in Lucknow.
Ensure you have all the required documents for property registration
Registering a property in Lucknow requires you to have several documents ready. These documents validate the transaction and ownership. Here’s what documents you need for property registration.
- Sale deed
- Power of attorney if any
- Tax paid receipts (last 3 months)
- Copy of previous registered agreements
- Encumbrance certificate
- Occupancy certificate
- Copy of ATS (agreement to sale)
- Sanctioned building plan
- Electricity bill
- ID proof, PAN card
Consider additional costs
Once all the key aspects have been covered, it’s important to consider post-purchase costs. These may include utility expenses, property maintenance, and legal consultation fees. Having a thorough idea of these additional costs empowers buyers to easily own their dream home.
Conclusion
The real estate market of Lucknow is witnessing an unprecedented growth. The capital city offers sales and investment opportunities for both sellers and buyers. This has made registration process a vital aspect. Besides having all the required documents, you need to consider stamp duty and registration charges along with additional costs. Having a thorough idea of each expenses helps you streamline your property purchase in Lucknow.
