Advisory
Understanding the True Cost of Buying Property in Mumbai
Stamp duty, registration, GST, society charges, parking, interiors — the full cost stack behind the sticker price, and how to budget it honestly.
The sticker price is the beginning
A ₹2 crore flat is rarely a ₹2 crore purchase. Between consideration value and keys-in-hand, Mumbai buyers typically add 7–12% in statutory, society and habitability costs. Budgeting for them in advance is the difference between calm possession and a squeezed first year.
Statutory costs
Stamp duty — levied on the ready reckoner value or consideration value, whichever is higher. Rates in Mumbai have varied by gender of buyer and by policy cycle (concessional rates for women buyers have applied at times); figures change, so verify the current schedule on the Maharashtra registration department's portal or through your advocate before budgeting.
Registration fee — capped at ₹30,000 for higher-value properties in Maharashtra, but verify the current slabs.
GST — applies to under-construction property at the rate in force at the time of booking (with schemes differing between affordable and non-affordable stock). Ready property with a valid OC is outside GST. Your chartered accountant should confirm applicability for your specific transaction.
Society and building charges
- Transfer premium — commonly capped by model bye-laws for co-operative societies; confirm the society's actual resolution
- Advance maintenance — 6–24 months often collected at transfer
- — one-time, sometimes significant in new towers
