October 13, 2022: In a move that would make purchases costlier for mid-segment home buyers in Goa, the Union Territory government has increased the stamp duty for properties worth over Rs 50 lakh and above. While the stamp duty on property worth up to Rs 50 lakh has been left unchanged at 3%, the stamp duty on property worth between Rs 51 lakh and Rs 75 lakh has been increased to 4% from the previous 3.5%. For properties worth between Rs 76 lakh and up to a crore, the applicable stamp duty has been hiked to 4,5% from the previous 4%.
In case the value of the property ranged between Rs 1 crore and Rs 5 crore, the buyer will have to pay 5% stamp duty as against 4.5% stamp duty earlier.
Goa stamp duty in 2024
| Property worth | Stamp duty as the percentage of the transaction value |
| Up to Rs 50 lakh | 3% |
| Between Rs 51 lakh and Rs 75 | 4% |
| Between Rs 76 lakh and Rs 1 crore | 4.5% |
| Rs 1-5 crore | 5% |
| Over Rs 5 crore | 6% |
*Applicable from October 13, 2022
With the UT government move, luxury property in Goa, the demand for which has risen quite significantly post-pandemic, would become costlier.
“There is a long-standing demand to rationalise the stamp duty and registration fee for cooperative societies. But, the government has ignored that request and instead raised stap duty across the board. We are no longer surprised by the arbitrariness of government decisions,” CREDAI president Nilesh Salkar told media.
Due to demand rush, rates of property in Goa have already spiked in double digits. Price growth is also being aided by announcements of new infrastructure, like the MOPA airport in north Goa. The recent hikes in the repo rate have further aggravated the situation, making property in Goa breach the affordability.
Developers are, however, of the view that the increase in home loan rates won’t affect demand for luxury housing.
“We don’t see a significant impact on the luxury housing segments due to the current increase in repo rate hikes as the demand of home buyers in this segment is beyond these considerations. The impact of rate hike will be predominantly on the affordable housing side, which is primarily driven by sentiments and especially first-time home buyers who are heavily reliant on home loans,” said Lincoln Bennet Rodrigues, chairman and founder, The Bennet and Bernard Company, which is known for luxury-themed homes in Goa.
Property registration charge in Panjim, Goa 2024
| Property worth | Registration charge as percentage of the deal value |
| Up to Rs 75 lakh | 3% |
| Above Rs 75 lakh and up to Rs 1 crore | 3.5% |
| Above Rs 1 crore | 3.5% |
June 20, 2021: Owing to the stress caused by the Coronavirus pandemic that has adversely hit revenue collection, the Goa government has increased property registration charges on properties falling within the Rs 50 lakh to Rs 75 lakh bracket. The hike in rates is in the range of 50 to 100 basis points. According to CREDAI-Goa president Nilesh Salkar, this means that buyers purchasing a flat valued below Rs 75 lakhs will now pay an additional 1% towards registration.
Know about: Property in Goa
Property registration charges in Goa before June 20, 2021
| Property worth | Registration charge as percentage of the deal value |
| Up to Rs 50 lakh | 2% |
| Between Rs 51 lakh and Rs 75 lakh | 2.5% |
| Between Rs 76 lakh and Rs 1 crore | 3% |
| Over Rs 1 crore | 3.5% |
Stamp duty for women in Panjim, Goa
Unlike most states, where women buyers enjoy benefits of reduced charges, stamp duty is the same for men and women across Goa, including in the capital, Panjim. Stamp duty variations in the state are imposed based on the transaction value only.
Check out: Villas for sale in Goa
Process of property registration in Goa
The process of property registration in Goa with the Registration Department of Goa has been explained below:
- Visit the website https://registration.goa.gov.in/ and go to the ‘register’
- Create a username and ID.
- Login to the Goa citizen page using your credentials.
- A ‘Welcome page’ will be displayed. Select the ‘Document entry’ option.
- Then, choose ‘New document entry’. Submit property details. Upload the supporting documentation.
- A valuation of a given property is done.
- The ‘party entry’ will be visible. Fill in the information about the party purchasing the property, category of party, etc.
- The creed for stamp duty will be displayed. Provide the property’s details, such as the value, and the stamp duty will be computed automatically.
- When the E-challan for the payment is created, pay the displayed amount.
- After completing the payment, a list of uploaded documents will be displayed. Click on ‘submit’ to save the information.
- An appointment display will be visible. Select a date and time to appear at the Sub-Registrar’s Office with a hard copy of the documentation.
- Once the documentation is presented here, the property is registered Goa.
How is stamp duty in Goa calculated?
Property buyers in Goa are required to pay stamp duty and registration, which are based on a percentage of the value of the property. To explain this, let us take an example:
A person has purchased a property in Goa worth Rs 80 lakh. The value of the property, Rs 90 lakh, falls in the stamp duty and registration charges in Goa category of ‘Over Rs. 75 Lakhs – Rs. 1 Crore’. Under this category, the stamp duty charge is 4.5% of the value of the property as stamp duty. Therefore,
Thus, Stamp Duty is 4.5% X 80 lakh = Rs 3,60,000.
Registration Fees is 3.5% X Rs 80 lakh = Rs 2,80,000.
Tax benefits on Stamp Duty in Goa
According to Section 80C of the Income Tax Act of 1961, property buyers can get tax deductions on stamp duty and registration charges paid. Under this provision, one can avail of a maximum deduction limit of Rs 1,50,000.
FAQs
What is the difference between registration fees and stamp duty?
While the stamp duty is the money you pay to attain the ownership of a property in legal records, the registration charge is the fee to get the documentation process completed.
At what price is stamp duty payable?
While the duty is different from state to state, there is a basic fixed price, known as the circle rate or the ready reckoner rate, based on which the stamp duty is calculated as a certain percentage. If the stamp duty is 6% in your state and the circle rate worth of the property is Rs 50 lakhs, the buyer will have to pay Rs 3 lakhs as the stamp duty.
What is the property registration charge for women in Panjim?
The registration charge is 1%, irrespective of the gender of the buyer.
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