October 13, 2022: In a move that is set to make buying costlier for mid-segment home buyers in Goa, the union territory government has increased stamp duty for properties priced at Rs 50 lakh and above.
While stamp duty on properties up to Rs 50 lakh has been kept unchanged at 3%, stamp duty on properties between Rs 51 lakh and Rs 75 lakh has been increased to 4% from the previous 3.5%. For properties ranging from Rs 76 lakh to Rs one crore, the applicable stamp duty has been increased to 4.5% from the previous 4%.
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If the value of the property is 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 2023*
| property worth | Stamp duty as a percentage of transaction value |
| up to Rs 50 lakh | 3% |
| Between Rs 51 lakh to Rs 75 lakh | 4% |
| Between Rs 76 lakh to Rs 1 crore | 4.5% |
| Rs 1-5 crore | 5% |
| more than Rs.5 crore | 6% |
*Effective from October 13, 2022
With the UT government’s move, luxury property in Goa, the demand for which has increased significantly post the pandemic, will become costlier.
“Rationalization of stamp duty and registration fee for cooperatives has been a long standing demand. But, the government ignored that request and instead increased stamp duty across the board. CREDAI President Nilesh Salkar told the media, “We are no longer surprised by the arbitrariness of the government’s decisions.”
Owing to the rush of demand, property rates in Goa have already shot up in double digits. New infrastructure announcements such as the MOPA airport in North Goa are also helping the price rise. The recent hike in the repo rate has made the situation worse, breaching property affordability in Goa.
However, developers are of the view that the increase in home loan rates will not affect the demand for luxury housing.
“We do not see any significant impact on the luxury housing segment due to the current increase in repo rate hike as the demand from home buyers in this segment is beyond these considerations. The impact of the rate hike will be primarily on the affordable housing side, which is primarily driven by sentiment and especially from first-time home buyers, who are heavily dependent on home loans,” said Lincoln Bennett Rodrigues, chairman and founder, The said Bennett & Bernard Company, which is known for luxury-themed homes in Goa.
Property Registration Fees in Panjim, Goa 2023
| property worth | Registration fee as a percentage of transaction 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 adversely affecting revenue collection, the Goa government has increased the property registration fee on properties falling in the range of Rs 50 lakh to Rs 75 lakh. The rate hike is in the range of 50 to 100 basis points. According to Nilesh Salkar, president of CREDAI-Goa, this means that buyers buying flats priced below Rs 75 lakh will now have to pay an additional 1% for registration.
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Property registration fee in Goa before June 20, 2021
| property worth | Registration fee as a percentage of transaction value |
| up to Rs 50 lakh | 2% |
| Between Rs 51 lakh to Rs 75 lakh | 2.5% |
| Between Rs 76 lakh to Rs 1 crore | 3% |
| more than Rs.1 crore | 3.5% |
Stamp duty for women in Panjim, Goa
Unlike most states, where women buyers get the benefit of lower duty, stamp duty is the same for men and women across Goa, including capital Panjim. Stamp duty varies from state to state depending on the transaction value only.
check out: Villas for Sale in Goa
questions to ask
What is the difference between registration fee and stamp duty?
While stamp duty is the money you pay to get the ownership of a property in legal records, registration fee is the fee for completing the documentation process.
On what value is stamp duty payable?
While the duty varies from state to state, there is a basic fixed value, known as circle rate or ready reckoner rate, based on which stamp duty is calculated as a fixed percentage. If the stamp duty in your state is 6% and the circle rate of the property is Rs 50 lakh, then the buyer will have to pay Rs 3 lakh as stamp duty.
What is the property registration fee for women in Panaji?
The registration fee is 1% regardless of the gender of the buyer.
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