Flats In Bangalore

The information technology hub of India, Bangalore, has been growing quickly and will continue to do so. This suggests that more people in Bangalore will need homes, therefore it's important to keep this in mind while buying real estate. Since it's difficult to buy every house that's offered in Bangalore before you commit, here are some things you can do to assist select the perfect property for you.

Good Location

Buying a flat in Bangalore will improve your lifestyle and make it possible for your future family to lead a happy, comfortable existence. For instance, if you intend to start a family in the near future, finding an apartment in a neighbourhood with excellent schools will be much more important. You must therefore choose a place based on your needs and requirements.

Having enough space is extremely important while looking for a place to live in Bangalore and to settle down. Having said that, 2bhk residences are ideal for households with children. In addition to giving you enough space, they are close enough to a number of playgrounds and parks that will keep your children occupied. Therefore, if you want to raise a family in Bangalore, it's advisable to buy a 2 or 3 Bhk apartment/flat.

Now while purchasing flats the question arises:

What are the Stamp Duty & Charges?

The cost of stamp duty, which is assessed while buying real estate in the State, has once again been reduced by the Karnataka government. As a result of this declaration, properties in Bangalore priced between Rs 35 lakh and Rs 45 lakh would now be subject to a three per cent stamp tax. Properties costing more than Rs 45 lakh will continue to be assessed at a five per cent rate

To enable effective and seamless management of civic facilities in different localities, such as local road maintenance, drainage, neighbourhood cleanliness, public parks, etc., property tax levy is outsourced to various municipalities within the states. The State Government is in charge of regulating property taxes, and further delegating this authority to different municipalities results in variations in the basis of the levy, computation, mode, and manner of its payment.

In general, separate buildings (both residential and commercial), flats and apartments, shops, godowns, unoccupied land, etc. are included in property for property tax purposes. Therefore, owning a property has its own challenges, and being aware of the subtleties of property tax is crucial for financial and tax planning.

The tax levied by Bangalore Municipality is called BBMP (Bruhat Bengaluru Mahanagara Palike)

Property owners in Bangalore are liable to pay Bruhat Bengaluru Mahanagara Palike Property Tax.

Property tax is calculated using the per square foot per month (UNIT), which is fixed based on the area in which the property is located (AREA), and the current property tax rate (VALUE). The Department of Stamps and Registration published guiding value is used to split the BBMP's jurisdiction into six value zones. Depending on the zone in which the property is located, the property tax rate will change.